Construction of stalled projects worth $12 billion resumed in the UAE
MEED Projects has revealed that the construction of previously stalled infrastructure projects, worth more than $12 billion, has been resumed in the past 18 months. The pace of this activity has increased since Dubai won the right to host Expo 2020, as positive sentiment returned to the UAE real estate market. Last year saw more than $23bn worth of projects being awarded in the construction sector, of which 55 per cent was for mixed-use or residential developments. The volume of planned projects made 2013 the second best year for project awards since 2008, a strong sign of the UAE’s strengthening economy.
MEED Projects predicts that construction projects worth$23bn will be awarded throughout 2014, of which approximately $5bn were awarded in Q1 alone.
The Habtoor Leighton Group has dominated the UAE’sreal estate construction sector from 2008 to2014, having secured close to $10bn worth of construction contract awards. Arabtec has won $5.5bn worth of contracts, with other top contractors within the same period being Al Jaber Group, Arabian Construction Company and Al Futtaim Carilion.