New construction projects in Abu Dhabi to exceed AED 47 billion by 2007

From AED 8.6 billion in 2005, the value of new construction projects in Abu Dhabi is expected to rise to 23.12 billion in 2006, an increase of 173%. In keeping with the upward trend, new construction projects worth AED 24.59 billion are expected to be tendered to contractors in 2007, according to a study commissioned by the Abu Dhabi National Exhibitions Company (ADNEC).

ADNEC, formerly the General Exhibitions Corporation (GEC), commissioned the study as part of the preparations for CONSTRUCT Abu Dhabi 2006 and the first ever ARABIAN PROPERTIES Exhibition and Conference, to be held in the UAE capital during 2-5 April 2006.

A spokesperson for ADNEC said, "With over AED 47 billion worth of new construction projects expected to be tendered over the next two years (2006 & 2007), the construction market in Abu Dhabi is booming. This is obviously a result of the newly unveiled property law in the emirate. CONSTRUCT Abu Dhabi 2006 Exhibition & Conference represents an ideal platform for those involved in the construction and property development industries to showcase their offerings to a high quality audience of decision-makers."

The spokesperson also noted that the need to develop the property sector in Abu Dhabi has come about due to the rapid increase in population and shortage of commercial and residential space. "A string of projects are under development in Abu Dhabi and more investments are planned across various sectors. These are all pointers to a continued boom in the Abu Dhabi construction market", commented the spokesperson.

The spokesperson cited the Al Raha Beach Development (AED 53.94 billion), Al Reem Island Development (AED 34.86 billion), the Abu Dhabi Airport Expansion (AED 24.9 billion), the Mohammed Bin Zayed city and the Shams Abu Dhabi project by Sorouh Real Estate, as some of the mega projects underway in the emirate.

ADNEC recently announced that the first-ever ARABIAN PROPERTIES exhibition will be held in parallel with CONSTRUCT Abu Dhabi 2006. ARABIAN PROPERTIES will focus on the burgeoning property development sector in the region. Together the two events will occupy an area of over 14,500 square metres of exhibition space. More than 250 exhibitors, from 12 countries and over 7,000 trade visitors are expected to participate at the twin events.

The two events build on the previously established credibility of CONSTRUCT which was successfully organised in 2003 and 2005. Both exhibitor and visitor numbers experienced a quantum leap at CONSTRUCT 2005. The number of exhibitors increased by 70 %, from 95 in 2003, to 165 in 2005, as well as the number of visitors which jumped 140 %, from 1,848 in 2003, to 4,655 in 2005. In 2005, the gross exhibit space increased to 6,500 square metres, from 4,000 square metres in 2003. The 2005 edition of CONSTRUCT also had 127 reporters, from 44 media houses covering the event.

CONSTRUCT 2006 and ARABIAN PROPERTIES 2006 will be held at the Abu Dhabi International Exhibition & Conference Centre and will be supported by the Ministry of Public Works, Municipalities & Agriculture Department, Social Services & Commercial Building Department, and the UAE Contractor's Association.