PUBLISHER: GlobalData | PRODUCT CODE: 1089703
PUBLISHER: GlobalData | PRODUCT CODE: 1089703
GlobalData has maintained its growth forecast for 2022, with the United Arab Emirates (UAE) construction industry expected to expand by 3.8% in real terms, before registering annual average growth of 3.9% from 2023 to 2026. The Expo 2020 event (October 1, 2021 to March 31, 2022) has provided a boost to the economy, attracting public and private investments in the travel and hospitality sub-sectors, and the transformation of Expo 2020 Dubai site into Expo City Dubai will provide further support. The Expo City Dubai will be built with residential areas, work-spaces, and cultural neighborhoods, and is expected to open in October 2022.
Growth over the forecast period will be driven by the country's development agenda of strengthening industrial, transportation and energy infrastructures. The government announced plans in September last year to implement a series of developmental and economic projects aimed at accelerating the UAE's development and transforming it into a comprehensive hub in all sectors as part of the Project of the 50, with the goal of attracting AED550 billion ($149.8 billion) in foreign direct investment (FDI) over the next nine years. Furthermore, in September 2020, Israel and the UAE reached a historic deal to normalize ties opening up investment opportunities, with the countries agreeing to develop a joint strategy to boost co-operation in the energy sector. They will work together on renewable energy, energy efficiency, oil, natural gas resources, and related technology, as well as water desalination technology. Other sectors covered include travel and hospitality, healthcare, and pharmaceuticals. Moreover, the government's efforts to boost the non-oil sector and encourage foreign investment will begin to have a more marked impact from 2021, as global demand picks up again.
The report provides detailed market analysis, information and insights into the UAE construction industry, including -
This report provides a comprehensive analysis of the construction industry in the UAE. It provides -