The GCC region is expected to spend more than $90 billion on education-related construction projects by the end of 2014, according to a report.

This high spending makes the education sector one of the biggest for contractors and suppliers with the population in the GCC forecast to increase from 50.6 million in 2014 to 55.8 million by 2018, reported The Peninsula citing The Big 5 report by Ventures Middle East.
 
Saudi Arabia has emerged as the biggest investor in education in the region with an expected spending of $56 billion, the report stated.

The kingdom will construct 465 new schools and refurbish 1,500, alongside 1,544 existing school construction projects. It is also building eight new colleges and new vocational and technical facilities, according to the report.

Kuwait comes next with an allocation of $10.5 billion for the education sector (about 14 per cent of its 2013-14 annual budget) followed by Qatar which has set aside $7.2 billion, up 7.3 per cent over the previous year, it added.

In the UAE, $2.6 billion or about 21 per cent of its 2014 budget is being spent on schools and all new buildings to meet the country's green construction Estidama rating, said the report.

Ventures had prepared its education sector report in advance of The Big 5 construction exhibition in Dubai, UAE, next month, where opportunities for developers to meet the region's demands for schools will be highlighted.

Oman has announced plans to spend $6.8 billion, about 18.6 per cent of the total public expenditure, to provide free basic education to all its nationals, while Bahrain has allocated $2.2 billion for the fiscal year 2013-14.

"There are huge business opportunities for suppliers who understand the education sector...The GCC has a young demographic and governments are investing heavily in education," stated Andy White, the event director for The Big 5.

"Governments of each GCC nation are investing significantly in construction of new schools and refurbishment of existing schools which is expected to drive the construction opportunities in the education sector in the region," stated the report.

The total number of students in the GCC region was slated to grow from 11.1 million to 11.6 million by 2016, it added.-TradeArabia News Service