Dublin, April 01, 2022 (GLOBE NEWSWIRE) -- The "United Arab Emirates (UAE) Construction Market Size, Trends and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2020-2025" report has been added to ResearchAndMarkets.com's offering.
UAE's construction industry to expand by 4.2% in real terms this year, compared with an estimated growth of 4.4% in 2021.
The ongoing Expo 2020 event (1st October 2021 to 31st March 2022) has provided assistance to the industry, while low base effects and pent-up demand spurred the industry's growth in 2021. Activity in the commercial and tourism sector also showed an indication of recovery, with the hotel occupancy rate in Dubai reaching 62% in the first nine months of 2021 - up from 51% recorded during 2020 - and a total of nine million visitor arrivals in the first three months of Expo 2020 (October to December 2021).
The report forecasts the construction industry to register an annual growth of 3.7% during the period of 2023-2026. However, rising Coronavirus (COVID-19) cases in early 2022 could stifle the industry's growth over the short term. Overall, construction output in the UAE is expected to remain below 2019 levels until 2023.
Growth over the forecast period will be driven by the country's development agenda of strengthening industrial, transportation, and energy infrastructures. As part of the Project of the 50, the government announced plans in September 2021 to implement a series of developmental and economic projects aimed at accelerating the UAE's development and transforming it into a comprehensive hub in all sectors, with the goal of attracting AED550 billion ($149.8 billion) in foreign direct investment (FDI) over the next nine years.
In terms of railway development, the government unveiled the new AED50 billion ($13.6 billion) UAE Railway Programme in December 2021, which constitutes an integrated strategy for the country's railway sector for the coming decades, estimating to generate AED200 billion ($54.5 billion) in economic prospects.
In October 2021, the UAE became the first country in the Gulf Cooperation Council (GCC) region to commit to carbon neutrality, with the country announcing a target to cut carbon emissions to net zero by 2050. To achieve this target, the government plans to invest AED600 billion ($163.4 billion) on renewable energy over the next three decades.
In October 2021, the government announced that over 11,000 new residential units were under construction across the country, and in November 2021, it approved housing projects worth AED3.8 billion ($1 billion).
In addition, the launch of Expo 2020 has increased short-term leasing, with the government aiming to turn this into a long-term uptick by positioning the UAE as an attractive opportunity for foreign investors. Over the long term, the residential sector's output will be supported by the government's plan to invest AED65 billion ($17.7 billion) on the Emirati housing programme in Dubai until 2041.
Market Analysis, Information, and Insights
- UAE's construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in UAE's construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Scope
- Historical (2017-2021) and forecast (2022-2026) valuations of the construction industry in the UAE, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-A-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 Covid-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
- Outlook
- Latest News and Developments
- Construction Projects Momentum Index
4.2 Commercial Construction
- Outlook
- Project Analytics
- Latest News and Developments
4.3 Industrial Construction
- Outlook
- Project Analytics
- Latest News and Developments
4.4 Infrastructure Construction
- Outlook
- Project Analytics
- Latest News and Developments
4.5 Energy and Utilities Construction
- Outlook
- Project Analytics
- Latest News and Developments
4.6 Institutional Construction
- Outlook
- Project Analytics
- Latest News and Developments
4.7 Residential Construction
- Outlook
- Project Analytics
- Latest News and Developments
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/g62223
