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Among contracts expected to be signed in Q2, real estate ranks third

A new report by research firm Protenders has shed light on the UAE's projects in development in Q1 2019.

Real estate projects that are were progress in the UAE in Q1 amounted to $238.3 billion The oil and gas sector alone will account for about 71% of the total contracts expected to be signed over Q2 The total value of active projects in the UAE by the end of Q1 2019 exceeded 1.01 trillion dollars

The total value of active projects in the UAE by the end of Q1 2019 exceeded 1.01 trillion dollars, including real estate, oil and gas and infrastructure. 42% of these projects are currently under implementation with a total value of $420.1 billion, and 30% of these projects are in their final phases, according to Protenders, a research company specializing in the tracking of projects in the region.

The data showed that the value of real estate projects that are in progress in the UAE amounted to $238.3 billion, which constitutes about 56.7% of the total value of the projects in progress, followed by oil and gas projects amounting to about $100.5 dollars, and then infrastructure projects with a total of $81.3 billion.

Experts and specialists stressed that the huge value of projects being implemented in the country is progressing at a constant pace, providing new evidence of the robustness of the national economy and the strong foundations on which it is based. This includes the estimates of construction projects at different stages of the idea and design stage as well as those under construction. According to the report, the total value of projects expected in the country amounted to $306 billion, of which $129.7 billion is for real estate projects that acquired a share of up to 42.4%, and about $116.5 billion for infrastructure projects with a share of approximately 38%, while the value of oil and gas projects $59.9 billion to account for a share of about 20% of the value of prospective projects.

$30.2 billion in contracts signed in the country

The value of contracts expected to be signed in the UAE during Q2 2019 is about $30.2 billion dollars, according to the estimates of Protenders. According to the company, the oil and gas sector alone will account for about 71% of the total contracts expected to be signed over Q2 with a total of $21.6 billion, and infrastructure projects are ranked second, where the sector is entering into construction contracts worth 4.9 billion dollars to capture 16.2% of the total value of prospective contracts in the UAE during the second quarter.

The real estate sector ranks third by a total of $3.7 billion in construction contracts and a share of nearly 12% of the total contracts in the UAE during the period from April to June.