Tuesday, February 7, 2017

Boom time for Dubai construction sector

Dubai’s strong construction trends look set to continue through 2017 thanks to the multi-billion dollar Expo 2020 projects which are currently underway, said a report.

With a total of 4,000 active projects worth an estimated $313.6 billion, the emirate's construction sector is poised for solid growth, according to BNC’s Construction Analytics across five market sectors.

These include projects that are in the concept, design, tender, under construction and on-hold phases, and constitutes 39 per cent of the number of active projects in the UAE and 42 per cent of the total estimated value of all active projects in the emirates, it stated.

December 2016 saw about 37 active projects worth an estimated $2.2 billion moving to construction in Dubai, said the report.

As of the end of 2016, the total number of projects under construction was 2,508 worth around $92 billion.

The urban construction sector has more than 3,200 active projects amounting to a combined estimated value of over $245 billion, stated BNC in its Dubai Overview Report.

Some of the key projects include Dubai Metro Red Line Extension which is a part of the Expo 2020 initiative, Container Terminal 4 of the Jebel Ali Port Expansion project and the Royal Atlantis Resort and Residences located in Palm Jumeirah.

The transport industry was the second on the list with 187 projects worth $32.4 billion followed by the utilities sector (203 projects worth $24.3 billion), industrial sector (377 projects worth $5.8 billion) and the oil and gas sector (12 projects worth $4.6 billion), said the report.

The significant announcement of the “Dubai Harbour” project by HH Sheikh Mohammed Bin Rashid Al Maktoum last month will see the construction of an impressive waterfront development spanning more than 20 million sq ft, it added.-TradeArabia News Service

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