An estimated value of US$315billion in announced and planned projects is signaling the continuing growth of the region’s construction industry, according to a report by EC Harris. This upswing is due in most part to large scale projects including Expo2020 and investment in infrastructure in the MENA region.
Driving sustainable development across the region are UAE developers, with municipalities setting minimum standards that have to be adhered to – with Dubai and Abu Dhabi establishing the benchmark for the region’s industry.
This includes a new development in Dubai’s Financial District – the first since 2008 which will see the emirate’s sovereign wealth fund invest almost US$ 1billion. Meanwhile, the UAE’s Minister of State has recently announced the infrastructure tenders for Expo2020, estimated to be in the region of US$6-US$7 billion. These will include an extension of the metro rail link, new hotels and roads, as well as a museum, apartments, office buildings and the relocated Dubai World Trade Centre.
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