Published on : Mar 03, 2017
Albany, New York, March 3, 2017: In recent years, the rapid expansion of the construction sector in UAE has given a positive growth to the market. Also, due to the government investments, country’s construction industry will continue to expand in real terms over the forecast period, studied by Timetric’s fresh report broadcasted to the wide database of Market Research Hub (MRH). This study is titled as “UAE Construction Industry Key Trends and Opportunities to 2021” and analyzes that the construction industry’s output value in real terms amplified at a compound annual growth rate (CAGR) of 4.38% during the review period of 2012 to 2016, and further is expected to post a CAGR of 4.68% during the forecast period of 2017-21.
Looking at the Middle East, UAE can be seen as one of the fastest growing economies, with its construction industry ranked third among the construction industries of the Middle East countries. Additionally, the promising future of the construction industry can be seen by observing its past trend. By looking at the historical and forecast valuations, the researchers have studied that, construction activity in UAE experienced a slight slowdown during 2015, owing to the impact of low oil prices. In addition, the economic slowdown in China also weighed on the UAE's economic performance. To overcome these issues Government are focusing increasingly on manufacturing, services and construction, to power the economy by increasing the share of various construction sectors in the economy and therefore reducing the effect of adverse oil and gas market conditions.
Furthermore, the key findings of the study reveal that owing to the expansion of the overall construction sector through increasing investment in infrastructure, residential, commercial and energy projects is one of the key factors to bolster the growth of the UAE construction industry. Primarily, the government's various large-scale investments in transport & commercial infrastructure projects on the back of the coming World Expo 2020 will be a main driver for the industry’s growth until the end of 2021.
Some of the plans and projects by the key findings of the study for different sectors are as follows:
- According to the World Economic Forums Global Competitiveness Report 20162017, the UAE ranks 4th out of 138 countries, in terms of the quality of overall infrastructure.
- Chemaweyaat, the National Chemicals Company of Abu Dhabi, is evolving a large-scale project called the Tacaamol-Al Gharbia Chemical Industrial City in Taweelah, Al Gharbia.
- To encourage investments in renewable energy projects, in November 2015, the Dubai Clean Energy Strategy 2050 has launched, in which government announced to invest AED100.0 billion (US$27.2 billion).
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Moving further, profiles of the leading construction companies in the UAE construction industry are also highlighted. They are Habtoor Leighton Group, Dubai Holdings Commercial Operations Group LLC, Petrofac Emirates LLC, Manazel Real Estate PJSC and Arabtec Holdings.
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