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&rsqu;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
 Jun 27 2016 - Saudi's non-oil GDP to slow by 2.8 percentMENAFN
(MENAFN) Growth in Saudi Arabia's non-oil GDP is predicted to slow to reach 2.8 percent this year from 3.4 percent in 2015.Accordingly, the central bank was continuing to monitor key economic ...

 Jun 27 2016 - UAE- Minister of State for Higher Education, Japanese Ambassador discuss cooperationEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June, 2016 (WAM) -- Dr. Ahmad bin Abdulla Humaid Belhoul Al Falasi, Minister of State for Higher Education, has received Kanji Fujiki, ...

 Jun 27 2016 - UAE- GE launches school maintenance endowmentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) --- General Electric has announced the launch of an endowment for school maintenance. The initiative was launched subsequent ...

 Jun 27 2016 - UAE- Emirates Airline enhances its service to Dakar, SenegalEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) --- Emirates Airline has announced that its service between Dubai and Dakar, currently operated by an Airbus A340-300, will be ...

 Jun 27 2016 - UAE- FNC speaker receives Australian ambassadorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June 2016 (WAM) --- Dr. Amal Abdullah Al Qubaisi, Speaker of Federal National Council (FNC), has received Arthur Milton Spiro, Ambassador of ...

 Jun 27 2016 - UAE- DP World contributes AED3m to Reading Nation CampaignEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) --- With the Reading Nation campaign getting closer to its deadline on the 19th day of the Holy Month of Ramadan, some of the ...

 Jun 27 2016 - Mohammed bin Rashid witnesses signing of MoU between DEWA, Masdar on implementation of third phase of Solar Park in DubaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) --- Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, today ...

 Jun 27 2016 - UAE Cabinet approves Eid Al Fitr holiday of Federal entitiesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June 2016 (WAM) - Based on the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, the UAE Cabinet chaired ...

 Jun 27 2016 - UAE- Emiratis can now apply for e-visa to travel to TajikistanEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 26th June 2016 (WAM) --- The Ministry of Foreign Affairs and International Cooperation today announced that, as of 1st June, Tajikistan''s ...

 Jun 27 2016 - UAE- Saud Al Qasimi offers condolences to Gargash familyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th June 2016 (WAM) - H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras al-Khaimah, today offered condolences 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