The United Arab Emirates’ construction sector is projected to grow by 9.3 per cent in 2015 from 5.5 per cent in 2014.
The upbeat outlook of growth in the UAE construction sector is primarily driven by hefty spending on the mega infrastructure and tourism investments, which were recently announced during the Arabian Travel Market 2015.
The construction sector in the UAE looks promising, with investments totalling AED145 billion in 2014, says Andrew Elias, CEO of Dubai-based Kele Contracting, in remarks published by Al Bayan.
He says the construction sector is poised to deliver a strong growth rate of 9.3 this year, bringing up the total value of investments to AED155bn.
Elias notes that companies and government institutions announced investments worth AED30bn in the hotel and tourism industries and that this will boost the competitiveness of this sector as more global companies eye the UAE market.
The UAE construction sector is projected to sustain robust growth over the coming years thanks to grand ventures currently being implemented in Dubai, which will host the 2020 Expo, Elias asserts.
He says the construction sector in the UAE has recovered from the fallout of the world financial downturn and continues to offer lucrative investment opportunities.