Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE economy shows strong resilience  Join our daily free Newsletter

MENAFN - Khaleej Times - 03/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Construction work restarts on 12b stalled projects; 23b contracts to be awarded in 2014

Construction work on more than 12 billion worth of stalled projects in the uae had resumed over the past 18 months underscoring the strong resilience of the economy driven by increasing investor confidence.


The pace at which stalled projects resumed construction activity has increased since dubai won the right to host the expo 2020 as positive sentiment returned to the uae real estate market according to meed projects.


In 2013 more than 23 billion worth of projects were awarded in the construction sector 55 per cent of which were for mixed-use or residential developments. the volume of projects awarded made 2013 the second best year for project awards since 2008 a strong sign of the uae’s strengthening economy it said in a report.


The fast revival of the construction sector in the uae is in line with a general upswing in building activities across the gcc. in 2013 the gcc civil construction market showed signs it had returned to growth last year with a total of 59 billion worth of contracts awarded.


Another report by meed estimates the value of live civil construction projects to be just over 1.3 trillion with 935 billion in execution including long-term mega projects 81 billion out to tender 211 billion in design phases and 136 billion under study. this estimate excludes schemes on hold or cancelled.


According to zawya project tracking data compiled in november 2013 around 3.45 trillion worth of projects are in the design bid or construction stage until 2025 in the gcc.


Julian herbert director of meed projects said 2013 showed some of the most promising growth in the construction sector since 2010 with especially strong figures in the residential and mixed-use sector of the industry.


“this is a positive sign of increased investment in the uae’s economy both from developers and from property investors — the large number of residential project awards alone demonstrates that there is a rising demand for such buildings indicative of a growing population. the uae is well on track to returning to the levels of investment last seen in 2008 with 2014 expected to be even better” said herbert.


He expects 23 billion worth of construction projects to be awarded throughout 2014 with more than 5 billion having been awarded during the first quarter of the year alone. more than 12 billion worth of stalled projects have resumed and this number is expected to increase further during the year.


Habtoor leighton group has dominated the uae real estate construction sector from 2008-2014 having secured close to 10 billion worth of real estate construction contract awards. arabtec has won upwards of 5.5 billion worth of contracts with other top contractors within the same period being al jaber group arabian construction company and al futtaim carilion.


Jones lang lasalle said dubai is set to witness the launch of more mega-developments during 2014 but in a more measured manner than in the run-up to the 2008 financial crisis.


Jll cited several mega-projects announced over the past year including mohammed bin rashid city al habtoor city the dubai canal project and nakheel waterfront in dubai as well as saadiyat island and the capital district (now zayed city) in abu dhabi.


According to law firm pinsent masons about 90.3 per cent of construction firms are expecting the gcc market to improve in 2014 compared with 70 per cent in the prior year.


Dubai chamber of commerce and industry study shows that by 2015 the construction sector’s contribution as a percentage of the uae gdp is projected to record 11.1 per cent and by 2021 it would be contributing 11.5 per cent to the national economy.

Issacjohn?khaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Dec 19 2014 - Int'l community responsible for protecting Palestinians: KuwaitArab Times
(MENAFN - Arab Times) GENEVA Dec 18 (KUNA): Kuwait's permanent delegate to the UN agencies in Geneva Ambassador Jamal Al-Ghunaim said Wednesday the international community needs to shoulder its legal ...

 Dec 19 2014 - Kuwait- Early diagnosis key to defeat breast cancerArab Times
(MENAFN - Arab Times) KUWAIT CITY Dec 18 (KUNA): Sheikha Hessa Saad Al- Abdullah Al-Sabah on Wednesday highlighted the importance of early detection in curbing the growth of various forms of cancer. ...

 Dec 19 2014 - Saudi- Host Maskan beats Nesma Inaya edges out Gilas 90-88Arab News
(MENAFN - Arab News) Host team Maskan Arabia Co. brought down Nesma 105-92 while Inaya Medical College edged out S. Gilas 90-88 in the seventh week action in the 2nd Maskan Arabia Invitational ...

 Dec 19 2014 - Saudi- Faisaliah Team A and Courtyard Marriott triumph in Inter-Hotels Cricket eventArab News
(MENAFN - Arab News) Al Faisaliah Team A won its match against Riyadh Marriott while Al Faisaliah-Al Khozama combined Team B went down in defeat to Courtyard Marriott during Friday's matches in the ...

 Dec 19 2014 - Mathy powers to victory in Riyadh Wheelers 60km road raceArab News
(MENAFN - Arab News) A new course used for the first time brought general approval from the 60 riders who signed on for the Riyadh Wheelers 60km road race and with no wind to bother the competitors ...

 Dec 19 2014 - SCTC ABTC-Taif ladies clash in finals Saudia Catering JRTC in ALBAIK Tennis semifinalsArab News
(MENAFN - Arab News) SCTC and ABTC-Taif will dispute the Ladies Division HMX category finals after a grueling double round-robin while in the Men's Division LMX category four teams advanced to the ...

 Dec 19 2014 - Saudi- Hyundai Castrol takes third in 4th MYN 2014 JBL-Lifestylez tourneyArab News
(MENAFN - Arab News) Hyundai Castrol of Dennis Elmenzo beat Fuddruckers 72-53 to claim the third place in the 4th MYN Division at the Ahmed Mohammed Abdul Wahab Naghi Sports Complex in Ash Shati ...

 Dec 19 2014 - Saudi- Natco Desert Warriors win in JCA Money Gram CKB-T20Arab News
(MENAFN - Arab News) The Money Gram-sponsored Cricket Ke Badshah T20 Tournament for the year 2015 under the auspices of Saudi Cricket Center (SCC) took off to a rousing start with 28 teams entered in ...

 Dec 19 2014 - UN seeks 8.4bn to help Syrian victimsArab News
(MENAFN - Arab News) BERLIN: The UN appealed Thursday for $8.4 billion to provide emergency aid and longer-term help to nearly 18 million people in Syria and across the region hit by the drawn-out ...

 Dec 19 2014 - Saudi- Nigeria sentences 54 soldiers to deathArab News
(MENAFN - Arab News) ABUJA Nigeria: Nigeria has sentenced 54 soldiers to death for mutiny assault cowardice and refusing to fight extremists.The court-martial charges all were connected to the ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help