UAE to see $23.5bn of construction contracts awarded in 2010

22/11/2010 - Dubai Property News
UAE to see $23.5bn of construction contracts awarded in 2010

Posted by Bob Brunskill

Construction spend in the UAE is expected to accelerate in the coming two years on the back of major public sector developments, a new study has found.

The Ventures-dmg GCC Building Construction Industry Report, which has been developed for the Big 5 international building show in Dubai, shows that in 2010 an estimated $72 billion in construction contracts in the GCC will have been awarded, with $23.5 billion of that in the UAE.

It was also found that construction spend is due to gather pace in 2011/12 due to the number of government infrastructure projects moving to build phase and the continual development of Abu Dhabi's ambitious 2030 programme.

The UAE Retail Segment Construction market was reported as one of the most promising sub sectors in the report.

"With the retail market maturing and attracting leading international brands, construction has had to keep up in terms of technology and design, to create world class shopping malls to suit," it said.

"Due to high tourist and expatriate visitors to these outlets, retail spending is high despite the economic slowdown, and so the UAE's retail construction market is likely to resume a moderate growth up to 2012."

The Big 5 show began today (November 22nd) at the Dubai World Trade Centre and runs until November 25th.