Dubai's construction sector could be bouncing back

17/08/2012 - Dubai Property News Posted by Bob Brunski
Dubai's construction sector could be bouncing back

Dubai's construction industry could be on the road to recovery as several major projects get underway. The change in direction will be welcome news for property investors, who have seen construction grind to a halt in the wake of the global financial crisis.One of the projects is a new shopping mall - the Jumeirah Park Community Centre - that will incorporate both retail and food outlets. The development will give a much-needed shot in the arm to Dubai's construction sector - to the tune of $7.5 million.This is small fry in comparison to the $136 million construction project for a bespoke Nestle manufacturing facility, which will be located on a 175,000 sq m tract of land at the Dubai World site.Downtown Dubai is also undergoing something of an overhaul. Home to the Modern Art Museum and the Opera House District, the region will also house a new mosque in the near future. The 1,400 sq m site will be large enough to accommodate 800 people and will be one of just four centres of worship in the emirate that allow non-Muslims."The mosque will be designed to reflect the rich traditional architectural heritage while serving as a haven of peace and serenity and is set to become a modern day cultural landmark for Dubai," said Ahmad Al Matrooshi, managing director of Emaar, which is tasked with building the religious centre.Last month, builders across the Middle East claimed that the UAE is set to return to growth thanks to a number of high-profile construction projects - like the Downtown mosque.Gulf News recently reported that a new study from DMG Events estimated that the value of completed projects within the Gulf Cooperation Council area will rise by 71 per cent to $79.8 billion - good news for property investors in the region. This contrasts with the $46.5 billion in 2011.The report also indicated that room revenues in the Middle East set to reach $27 billion by 2015.