UAE construction sector set to boom with Dh127b

The UAE's construction industry is poised to witness strong growth in coming years as more than $34.6 billion (Dh127 billion) worth of urban, industrial, transport, utilities and oil and gas projects are in the tender phases.

While $9.7 billion (Dh35.6 billion) worth of building projects are in tender stage in the country, says a new report.

Overall, 7,488 building projects worth $228 billion (Dh837 billion) are currently in concept, design, tender, under construction, and on hold stages by June 2017, according to BNC Network's latest figures released on Monday.

"The strong project pipeline is a reflection of the healthy construction sector, despite weaker global economic growth scenario - an indication that the UAE real estate and construction sectors are defying the global trend," said Avin Gidwani, CEO of BNC Network.

Dh60 billion tenders in Dubai

Building projects include all types of commercial and residential buildings but excluding those catering to education, healthcare, hospitality, retail sectors.

In Dubai alone, different projects worth $16.3 billion (Dh59.8 billion) are in the tender stage; $111.1 billion in construction phase; $43 billion in design stage and $38.6 billion in concept level, according to BNC Network's figures.

Source: Khaleej Times