New Construction market report from Timetric: "Construction in the UAE - Key Trends and Opportunities to 2017"
Boston, MA -- (SBWIRE) -- 04/16/2014 -- The UAE construction industry increased in value at a CAGR of 0.49% during the review period. This growth was supported by public investments in infrastructure, commercial and industrial construction. The construction industry's growth rate is expected to remain positive over the forecast period, as a result of increased government expenditure on developing infrastructure and industrial construction in the country. The construction industry's output in the UAE is expected to record a CAGR of 4.67% in nominal terms over the forecast period .
- The UAE is one of the fastest-growing economies, and the third-largest construction industry in the Middle East. The construction industry in the UAE is the third-largest industry after oil and trade. More than 6,000 construction companies operate in the country, with most construction activities taking place in Abu Dhabi and Dubai. According to the Dubai Chamber of Commerce and Industry, the construction industry is expected to contribute 11.1% to the UAE's GDP in 2015, as compared to 10.3% in 2011. Public sector investments in energy, communications and transport infrastructure are expected to be the key drivers for growth in the industry over the forecast period. Private sector investments are likely to remain subdued in 2013, due to low consumer and business confidence.
- According to the IMF, in 2011, the UAE topped the list in terms of project value in the Gulf Cooperation Council (GCC) region with a 51.1% share, followed by Saudi Arabia with 35%, Qatar with 8.9%, Oman with 3.2%, and Kuwait with 1.8%. The UAE accounted for total value of AED1,171.7 billion (US$319.1 billion) of projects in the industry. The UAE has major construction projects in residential and infrastructure markets. The most prominent projects are the expansion of Dubai international airport, and the redevelopment of Abu Dhabi international airport.
- According to the IMF, the population in the country is anticipated to increase from 5.4 million in 2010 to 6 million by 2015, in line with the increase in the expatriate population. Expatriates account for 80% of the total population in the UAE, emerging as the major key driver for growth in the demand for residential and commercial buildings in the country. The residential and commercial markets in the UAE's construction industry recorded an increase in the number of units, but, over the forecast period, it will gain momentum with strong economic growth, increasing disposable incomes and a rising population.
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Companies Mentioned in this Report: Arabtec Holding PJSC, Union Properties PJSC, Drake & Scull International PJSC, National Petroleum Construction Company (NPCC), Emirates Roads Contracting LLC (ERC)
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