A total value of nearly $930bn-worth projects in the construction and other sectors are underway in the UAE, according to a report.

The Emirates Business reported on Friday that the UAE is carrying out projects in construction and other sectors with a total value of nearly AED3.4 trillion, which is around 45 per cent of all projects planned in the Gulf.

Quoting a Kuwait National Bank study, the daily said that the combined value of projects planned or being carried out in the GCC totalled around $2.1tr (AED7.7tr) at the end of the second quarter of 2009, more than four times the estimated value of projects in June 2005, an annual growth of nearly 50%.