Dublin, May 13, 2024 (GLOBE NEWSWIRE) -- The "UAE Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2024-2028" report has been added to ResearchAndMarkets.com's offering.
The construction industry in the UAE is forecast to expand by 4.6% in real terms in 2024, supported by improved investments in transport, industrial, and residential construction projects. The industry's growth in 2024 will also be supported by private sector investments in the real estate sector.
The UAE-based real estate developer Emaar Properties is planning to launch 27 projects in the country by June 2024. The plan is to invest approximately AED30 billion ($8.2 billion) to develop residential and retail projects.
In another boost to the industry's output, the UAE-based private developer Samana Developers announced its plan in March 2024 to invest AED12.5 billion ($3.4 billion) in new residential projects in Dubai, in 2024.
The construction industry is expected to register an annual average growth of 3.8% from 2025 to 2028, supported by investments in transport, housing, and renewable energy projects. The government aims to have 100% clean energy production capacity by 2050, through initiatives such as Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050.
In late February 2024, Dubai Electricity and Water Authority (DEWA) and Abu Dhabi Future Energy Company (Masdar) announced financial closure of the 1.8GW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, with a total cost of AED5.5 billion ($1.5 billion). The solar park, which is scheduled to be completed in 2030, will have a production capacity of 5GW.
The construction industry's growth will also be supported by the UAE government's AED64.1 billion ($17.5 billion) budget, which was approved in October 2023. The government has allocated 4% of the total expenditure-approximately AED2.6 billion ($708 million)-to infrastructure and economic resources projects in 2024, an increase of 8.3% compared with the 2023 budget and AED10.2 billion ($2.8 billion)-to public and university education programs in 2024, up by 4.1% compared with the budget 2023.
The report provides detailed market analysis, information, and insights into the UAE construction industry, including:
- The 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 the UAE construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in the UAE. It provides:
- Historical (2019-2023) and forecast (2024-2028) 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
Report Benefits:
- Identify and evaluate market opportunities using the analyst's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the analyst's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
For more information about this report visit https://www.researchandmarkets.com/r/mfwdl7
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