Tuesday, November 28, 2017

UAE construction projects value tops $818bn

The combined value of the 11,755 active construction projects in the UAE has exceeded $818.2 billion (around Dh3 trillion) in November 2017, according to latest UAE Construction Analytics report issued by BNC Network, a major project research and intelligence provider in the Mena region.

This makes the UAE, which is the second largest Arab economy, the largest construction market in the Arab World and the Mena region, reported Wam, the Emirates official news agency.

"The UAE’s 11,755 construction projects constitutes 52 per cent of 22,680 active construction projects in the GCC and in terms of value, these projects account for 33.6 per cent of the total estimated value of the GCC construction projects, worth $2.43 trillion," said Avin Gidwani, chief executive officer of BNC Network.

"The UAE’s futuristic and visionary leadership is determined to utilise the current resources in their best abilities to build a much better and more sustainable economy that will serve the country’s future generations well. These projects are in line with the country’s Vision 2021 – when it celebrates the 50th National Day and 2071 – when the country celebrates its 100th National Day.”

Of the 11,755 active construction projects, 9,972 are urban construction projects with a combined value of $537 billion.

The number of 9,972 urban construction projects represents nearly 85 per cent of the 11,755 construction projects. However, it terms of value, Dh1.97 trillion worth of urban construction projects represent 65.66 per cent of the Dh3 billion worth of construction projects in the UAE.

The value of the 533 utilities projects reached $93.6 billion, according to the report.

BNC Network report also shows that the total value of 493 transport projects reached $87.4 billion, while the value of 92 oil and gas projects reached $68.2 billion and the total value of 665 industrial projects reached $32 billion.

"In the third quarter of 2017, a total of 138 projects with a combined estimated value of $20.7 billion were announced in the UAE. Once completed, all these projects will change the face of the UAE’s urban infrastructure and overall economic landscape," Gidwani said. "More than 1,000 active projects with a combined estimated value of $14.2 billion were completed during the third quarter of 2017."

In October, the number of active projects in the UAE increased by 1 per cent as compared to September 2017 and the total estimated value of these projects increased by 2 per cent.

A total of 96 active projects with a combined estimated value of $5.3 billion moved to construction from other stages during the month. The largest dollar-denominated active project in awarded recently was Reem Mall worth $1 billion located at Najmat Abu Dhabi.

Notable projects announced in the third quarter of 2017 include Aljada Residential City located near Sharjah's University City worth $6.5 billion; Expansion of Borouge Petrochemicals Complex located in Abu Dhabi worth $2.5 billion and Emirates Towers Business Park located in Dubai worth $1.3 billion.

BNC, the largest project intelligence provider in the Mena region, tracks 25,324 live construction projects with a value exceeding $7.7 trillion. It publishes more than 250 project updates that are distributed amongst 73,000 executives and professionals every day.

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