August 2013
Featured in this insight: Construction, Financial services, International
Research shows UAE construction projects value to exceed $30bn in 2013: KFH Research’s latest publication reveals that contracts in the UAE may exceed 30 billion USD; it is also scheduled that the UAE is set to replace some 12,500 houses that were built before the year 1990, at an estimated cost of 2.7 billion USD. Analysts’ forecasts show that as a result the construction sector in Dubai may grow by up to 4.8% in 2013 – with an average annual growth of 5.1% between 2013 and 2016.
Deloitte’s GCC (Gulf Cooperation Council) construction sector report shows – in terms of contract awards – the UAE replaced the KSA (Kingdom of Saudi Arabia) as the largest construction market in 2012 with 16.2 billion USD, 4% more than that of Saudi Arabia.
The UAE construction market has continued to remain strong throughout the year, posting (26.8%) year-on-year growth of more than a quarter. Furthermore, new numbers from property consultants Jones Lang LaSalle suggest that Dubai has seen a steady recovery in the property market throughout 2012, with villa prices increasing by more than a fifth (20%).
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