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The UAE has resumed construction work on projects worth more than US$12bn over the past 18 months, with more projects expected to be given the go-ahead in 2014, according to a MEED Reports study
The report stated that ever since Dubai won the right to host Expo 2020, the UAE's real estate markets have surged in anticipation. More than US$23bn worth of construction projects have been awarded for 2014, with US$5bn alone sanctioned for Q1, it added.
Figures published in the study revealed that more than US$1.8bn of hospitality projects were awarded in 2013, reportedly the highest since 2010. More than US$800mn worth of retail projects were announced in 2013 - the highest sanction in five years, MEED said.
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.The UAE is well on track to returning to the levels of investment last seen in 2008, with 2014 expected to be even better.”
Herbert added that the large number of residential projects awarded demonstrated the growing need for buildings and a rising population, and that investors and developers are keen to invest in UAE's growing economy.
An additional study conducted by Ventures ME revealed that 2014 would see a 17.4 per cent increase in completed projects estimated at US$83.41bn, and an additional US$82.2bn worth of projects would be awarded in the coming year.
Among leaders in the construction business, Habtoor Leighton Group dominated the UAE real estate market from 2008-2014, having secured close to US$10bn worth of real estate construction contract awards, the MEED report said.
Arabtec has meanwhile won upwards of US$5.5bn worth of contracts, with other top contractors within the same period being Al Jaber Group, Arabian Construction Company and Al Futtaim Carillion.