According to Business Monitor International (BMI), the UAE’s construction industry value is forecast at approximately $41bn in 2013, representing a real value annual growth of 4.5%. In Dubai alone, the property and construction sector contributed 21% of the Emirate’s GDP growth in the first half of 2013 – putting it second only to the retail and wholesale sector.
Andrew Elias, CEO of Kele Contracting, said: “The UAE’s construction sector has now, after many years of turbulence, entered a renewed period of stable growth. From our perspective as contractors it is clear that investor confidence is building. Project turn around has increased and developers across the board are looking to expand their portfolios. This is an exciting time to be in the construction industry in the Emirates and we expect to stay very busy well into the foreseeable future.”
Talking about construction’s future prospects, Elias stated that the increase in income levels, better job opportunities, and favourable government policies in the UAE bode well for an optimistic picture of the country’s residential construction market.
Elias added: “It is clear that the UAE has once again become a nexus of growth in the world’s construction industry. And as confidence in the market continues to grow, we can look forward to an increase in the flow of liquidity, which means that projects are developed, completed, and handed over on time. It this consistent flow of investment that is needed to secure a solid, stable growth pattern within the market and the extended period of sustained growth that we are all aiming for.
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