GlobalData: New infrastructure projects to be launched in Dubai, despite real estate slowdown

Colin Foreman, Deputy Editor at GlobalData, comments: “Contractors in Dubai learned in 2008 and 2009 that construction in the emirate was a binary market – it was either on or off. The market is far more difficult to read in 2020. While there are projects that have obviously stalled or been shelved, work on other projects, both existing and planned, continues.”

The pace of construction on real estate schemes has noticeably slowed amid a backdrop of falling property prices. At the same time, work on projects either at or connected to the Expo 2020 site are being pushed to be completed quickly ahead of the event’s 20 October opening date.

Foreman continued: “For future projects, publicly acknowledged government concerns about the oversupply of real estate have resulted in less building work being tendered. As the building market slows, the hope is that planned infrastructure projects will take up the slack.

“The largest future scheme by far is the US$32 billion expansion of Al-Maktoum International airport, but there are other major planned schemes such as Dubai Municipality’s deep tunnel sewer network serving the old areas of Deira and Bur Dubai.”

Read the article online at: https://www.worldcement.com/asia-pacific-rim/16032020/globaldata-new-infrastructure-projects-to-be-launched-in-dubai-despite-real-estate-slowdown/