After winning accolades as one of the world’s most eventful construction industries and witnessing a successful property boom up to 2009, the United Arab Emirates (UAE), the confederation of seven Emirates in the Gulf and one of the strongest nations in the Gulf Cooperation Council (GCC), witnessed a sharp tumble triggered by a debt mounting from leading construction companies which had invested heavily in building construction projects amid the boom and were unable to meet financial commitments. Dubai led the downfall in the markets with property prices and rents crashing as much as 60 percent in 2010 followed by a hasty bailout by Abu Dhabi, the richest of the Emirates. A year later, as Dubai begins to recover on a fragile path of restarting projects shelved by it and restructuring to attract investments afresh, Abu Dhabi which had embarked on an equally ambitious plan under its Vision 2030 and looked like it will outpace Dubai on the global map, has also met a stumbling block. Raising debt has caused the Emirate to tighten its purse strings and relook construction projects with a finer eye on the budget and spending, resulting in delays and cancellations on a large scale in government backed projects across the Emirate.
UAE’s construction sector appears set to return to near-full capacity, with the government announcing it is reactivating a number of major development projects and stepping up spending on social infrastructure development. In the first quarter of 2012, the Abu Dhabi and Dubai governments unveiled its revised construction programme, putting a number of formerly stalled projects on the top of its investment agenda, a move that will revive the spirits of the UAE’s construction sector.
The UAE Government is determined to step up its economy through diversification and investment programs.Its rapidly growing, and fast urbanizing, young population constantly fuel demand across the real estate, infrastructure and utilities segments of the market. While being the region’s hub for tourism activities, the country also attracts large tourism revenues further fuelling demand in the tourism and leisure segments.The construction industry of UAE witnessed construction contract awards to the tune of US$ 28,844 million in 2011, which is expected to increase to US$ 32,841 million by 2012 and US$ 37,983 in 2013.
The UAE Construction Industry Overview – May 2012 is a study by Ventures Middle East based on its vast experience of the GCC construction market and its extensive projects database across the countries of the Middle East and North Africa (MENA) region. It provides a strategic insight into the various political, economic, social, technical, legislative and environmental factors impacting this promising market. Besides an analysis into the market drivers and restraints culminating in a probability impact matrix of the occurrence of these drivers and restraints on the construction market, the study also provides key statistics of the construction contract awards across the various sectors of the UAE construction market namely, buildings, oil and gas, power and water, industrial and infrastructure.
Key statistics also include market size and forecasts of UAE construction contract awards in the key segments of construction market of United Arab Emirates. The study also provides description of the sector-wise ongoing construction projects in addition to the proposed new projects thereby serving as a wealth of information for all key stakeholders of construction sector vying to enter this market.
Table of Contents
Chapter1. Strategic Overview of UAE Construction industry 2012
The UAE Construction Industry in 2012
Legal and Regulatory
Market Drivers and Restraints and Probability Impact Matrix
Market Growth Drivers
Market Growth Restraints
Construction Contract Awards for UAE Construction Industry, 2010-2013
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