The Gulf construction sector is set for $103 billion in new business this year, marking a 21% increase in the value of projects awarded in 2014, according to new research.

Growth is expected in both residential and commercial projects, according to the study by Ventures ME.

It estimated that projects worth $72 billion will be competed in 2015, marking a 6.5% increase on last year. Construction projects across all building sectors worth $67.6 billion were completed in the Gulf Cooperation Council (GCC) region last year, the research found.

Residential developments accounted for the biggest slice of the pie, with $28bn in projects completed last year, followed by the commercial ($11.46bn) and education ($7.13bn) sectors.

The top markets were Saudi Arabia and the UAE, except Qatar’s retail sector, which saw completed projects worth $362 million.

The Ventures ME study was commissioned by dmg events, which is behind the regional design exhibition INDEX.

“Looking ahead to 2015 the forecast for both awarded and completed projects shows further increases again with particularly exciting times ahead for the residential and commercial sectors,” said Frederique Maurell, Group Event Director for INDEX.