According to a new report by EC Harris, ‘International Focus on United Arab Emirates, Summer 2014’, the volume of announced and planned projects in the UAE in 2014 is expected to be valued at approximately US$315 billion.
“The UAE’s construction sector appears to be returning to near full-capacity, with a number of major megaprojects in the pipeline and the ramping up of social infrastructure spend,” said Paul Maddison, Partner, EC Harris.
Key growth drivers: Abu Dhabi and Dubai
The report notes that Abu Dhabi and Dubai are key growth drivers for the country’s construction industry. Dubai’s real estate market appears to be stronger and more sustainable, while the market in Abu Dhabi has remained stable throughout 1Q14 and 2Q14. A number of new projects in the capital are expected to increase construction spending in 2H14 and early 2015.
Infrastructure and tourism
2013 saw a rise in infrastructure and tourism, predominantly due to increased spending on airports, ports and roads. In 2014, the Expo2020 is set to boost demand in real estate and infrastructure. The volume of announced and planned projects in the UAE in 2014 is expected to be valued at US$315 billion. Approximately US$212 billion worth of construction projects are currently under construction (as of May 2014).
Adapted from report by Rosalie Starling
Read the article online at: https://www.worldcement.com/africa-middle-east/19082014/value-of-uae-construction-projects-to-reach-us315-billion-in-2014-318/