Boston, MA -- (SBWIRE) -- 01/29/2014 -- BMI View: We expect the UAE's construction sector to perform well over the coming years as 2013 saw the reactivation of numerous delayed projects and the awarding of numerous new ventures. Additionally, Dubai's real estate market is looking strong and Abu Dhabi's seems to have bottomed out. That said, in light is released data, we are downwardly revising our forecast for 2013. We highlight the potential for further downgrades, but believe that the second H213 will have been stronger than the first. We have also upgraded our medium term growth forecasts in light of Dubai winning the 2020 Expo.
Factors Driving Construction Industry Growth:
- We continue to see increasing opportunities in the hospitality and tourism sectors. Tourism and tourismrelated projects has provided a welcome source of value for the construction industry over recent troubled years in the residential sector. We expect this to continue throughout 2014 and beyond as the UAE, most notably Dubai and Abu Dhabi, positions itself as a global business and tourism. Major projects, such as the Louvre Abu Dhabi, Guggenheim museum, the Bluewaters Island project in Dubai and the Meydan Sobha City development in Dubai, reflect renewed confidence in large-scale projects.
- Large scale mass-transit projects are underway across the UAE, with the first sections of the Abu Dhabi metro and light-rail network awaiting to be awarded and the extension of Dubai's metro expected to enter construction in 2014. The second phase of the US$11bn Etihad Railway Network - also part of the US $100bn GCC Railway Network - has entered the tendering phase. Construction is scheduled to start early 2013 and will provide a significant boost to the construction industry.
- Though the nuclear power project in Abu Dhabi has been plagued by project delays and cost inflation, the second reactor is now under construction and plans to start on the last two are under way.
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