According to a recent report, in spite of the slowdown in the global economy construction sector of the United Arab Emirates will remain active over the next ten years as the overall value of the construction projects in the country hit Dh3.05 trillion in June.
BNC Network stated its most recent report that the United Arab Emirates is the world’s 2nd largest construction market in the GCC with Dh3.05 trillion projects after Dh3.29 trillion projects of Saudi Arabia. However, the United Arab Emirates leads in urban construction projects with Dh1.75 trillion worth of projects underway followed by Dh1.49 trillion in Saudi Arabia. Both countries control 79.5% of the urban construction market and 69% of the total GCC construction market.
The report told that in the last month more than 26 thousand construction projects surpassed Dh9.25 trillion.
Various industry executives & property developers told that the ongoing mega projects will be continued even beyond next year as the government might come up with an astonishing announcement to launch novel mega developments which will keep the domestic job market active & contractors busy. They firmly believe that the Expo 2020 isn’t the end, but the commencement of the construction industry as the government could bid for a mega sports event such as Olympics and also launch another ten-year program to drive the economy.
The Chief Executive Officer of the BNC Network, Avin Gidwani told the Khaleej Times that the Expo 2020 won’t be the end but the beginning for the Dubai’s construction industry.
After the successful bidding of Expo 2020, it is believed that Olympics can potentially be the next major event that Abu Dhabi or Dubai can bid for which would drive both the construction, as well as, the economy as a whole. Already Abu Dhabi has hosted Winter Olympics making nearly Dh1 billion in economic activity during its ten-day run.