DUBAI: Residential and infrastructure projects are driving the growth of Dubai’s construction sector and this trend is expected to gain momentum in the lead up to Expo 2020, new analysis released by Dubai Chamber of Commerce and Industry has revealed.
The analysis, based on recent data from Dubai Statistics Centre and Haver Analytics, found that the residential segment accounts for 43% of total projects in the pipeline in Dubai over the 2014-2022 period.
According to the findings, Dubai’s construction sector contributed an estimated 6.3% to the emirate’s GDP in 2017, as work on several government-led projects commenced during the year, including expansions to public transport and logistics infrastructure, in addition to building works for the Expo site in Dubai South.
In addition, considerable growth in the number of off-plan transactions and real estate investment trusts was observed over the same period.
Key findings of the analysis were presented during a business briefing hosted earlier today at Dubai Chamber’s premises on the sidelines of the Big 5 exhibition in Dubai.
The annual briefing, attended by 60 participants from nine countries, provided an ideal platform for visiting delegates and industry stakeholders to learn more about Dubai’s economy, business environment and construction market. The gathering also offered an opportunity for delegates to network with the local business community and get a glimpse of new projects in the pipeline.
Addressing delegates during the event, Hassan Al Hashemi, Director of International Relations at Dubai Chamber, noted that the strong participation at the briefing and The Big 5 exhibition, reflected growing international interest and confidence in Dubai’s economy and construction market.
“The UAE’s commitment to Vision 2021 and diversification are key factors which are expected to maintain strong growth in the construction market over the next few years. With Expo 2020 just two years away, the timing is ideal for foreign contractors to take advantage of new business opportunities and expand their footprint in this dynamic market,” said Al Hashemi.
As the region’s largest and most influential event for the construction industry, the 2018 edition of The Big 5 exhibition in Dubai has attracted the participation of 2,600 exhibitors from 64 countries. Over the years, the trade show has evolved in line with Dubai’s maturing and expanding construction market. News Desk
