Dublin, March 04, 2022 (GLOBE NEWSWIRE) — The “United Arab Emirates Construction Industry Data Book Series – Market Size and Forecast by Value and Volume (Area and Units) on over 40 market segments in residential, commercial, industrial, institutional and infrastructure, first quarter 2022 update” report has been added to from ResearchAndMarkets.com offer.
According to the publisher’s Q4 2021 Global Construction Survey, the construction industry in the UAE is expected to grow by 6.8% to reach AED245,982 million in 2022.
Despite the short-term challenges in some construction sectors, the mid- to long-term growth story in the UAE remains intact. The construction industry in the United Arab Emirates is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, registering a CAGR of 3.9% during the period 2022-2026. Construction output in the country is expected to reach AED286,350.5 million by 2026.
Government spending on construction activities is expected to support market growth in UAE
Several government initiatives such as the 2050 Energy Strategy, the Sheikh Zayed Housing Program and the Dubai Tourism Strategy are expected to support the growth of the construction sector in the UAE over the next four to eight quarters. Additionally, the government is also focusing on developing smart cities, digitizing up to 1,000 government departments, and installing 2,000 Wi-Fi hotspots nationwide. The government’s liberal trade policies are also attracting foreign investors, thus propelling the growth of the construction market in the country.
Trade infrastructure sector expected to contribute to industry growth in UAE
Over the past decade, the UAE has become one of the most popular tourist destinations, and the country intends to keep it that way. For example, in the area of business infrastructure, Abu Dhabi plans to attract nearly 8 million tourists per year by 2030 as part of the Abu Dhabi 2030 Plan.
To serve the huge influx of tourists, the government plans to boost investment in the commercial infrastructure space in the short to medium term. Furthermore, the country also hopes to expand its retail and office space to four million square meters by 2030. All of these factors are expected to support the growth of the commercial infrastructure sector in the UAE in the near term.
In addition, nearly 160 construction projects for hotels with more than 45,700 rooms are in preparation. This will subsequently help the entire construction industry over the next four to eight quarters in the country.
Low Lending Rates and Improving Business Conditions Drive Homebuilding Industry Growth
In 2020, the residential construction market was affected by the global pandemic, with job losses due to Covid-19 forcing almost 10% of the expatriate population to leave, leading to an increase in vacancies l ‘last year. In Dubai, residential sales prices fell by more than 7%, compared to 2.1% in Abu Dhabi in 2020.
However, low lending rates and improving business conditions in 2021 have helped the country revive housing demand. Some of the construction companies, like Aldar Properties, saw strong growth in the second quarter of 2021. The company recorded revenue of US$1.36 billion in 2021, supported by new launches. Emaar Properties, one of Dubai’s largest property developers, also saw sales hit a record high of $2.65 billion in the second quarter of 2021.
Notably, the growth of the residential construction sector has been aided by the high national immunization rate, improving mobility trends, business ownership rules, and government reforms. All of these, together with more flexible residence visas, have also supported the growth of the sector in the country. The publisher expects the trend to continue in the short to medium term, which will subsequently contribute to the overall growth of the construction industry in the UAE.
This publisher’s report provides data and trend analysis on the construction industry in the UAE, with over 100 KPIs. It is a data-centric report and it provides trending analysis with over 140 charts and over 110 tables. It details market size and forecasts, emerging trends, market opportunities and investment risks in over 40 segments across the residential, commercial, industrial, institutional and infrastructure construction sectors.
It provides a comprehensive understanding of construction industry sectors in terms of value and volume (both by activity and by units). The report focuses on combining industry dynamics with the macroeconomic scenario and changing consumer behavior to provide a 360 degree view of opportunities and risks.
Reasons to buy
- In-depth understanding of construction market dynamics: Understand the market opportunities, industry dynamics, key trends, and drivers of over 40 market segments and sub-segments of the building construction industry and infrastructure in the United Arab Emirates.
- Volume and value data: Get a detailed understanding of the market from both a value and volume perspective (both by activity and by unit) for the historical and forecast period
- Develop market-specific strategies: identify growth segments and target specific opportunities to formulate your strategy; assess key trends, drivers and market-specific risks in the construction industry.
- City-level insights: Get city-level trend analyzes by Tier 1, Tier 2, and Tier 3 cities.
Main topics covered:
1. About this report
2. UAE Construction Industry Dynamics and Growth Prospects
3. UAE Residential Construction Industry Market Size and Forecast
4. Residential Construction Market Outlook Analysis by Construction Type
5. Residential Construction Market Outlook Analysis by Key Cities
6. Residential Construction Market Outlook Analysis by Price Tier
7. UAE Commercial Construction Industry Market Size and Forecast
8. Outlook for the construction of office buildings
9. Retail Building Construction Outlook
10. Prospects of hospitality building construction
11. Restaurant Building Construction Prospects
12. Prospects for construction of sports facilities
13. Other Commercial Building Construction Perspectives
14. UAE Institutional Construction Industry Market Size and Forecast
15. Prospects and growth dynamics by institutional building construction sectors
16. UAE Industrial Construction Industry Market Size and Forecast
17. Prospects and Growth Dynamics by Industrial Building Construction Sectors
18. Prospects for infrastructure construction
19. UAE Marine and Inland Water Infrastructure Construction Industry Market Size and Forecast
20. UAE Utility System Infrastructure Construction Industry Market Size and Forecast
21. Market Size and Forecast of UAE Transportation Infrastructure Construction Industry
22. Further reading
For more information on this report, visit https://www.researchandmarkets.com/r/aaaqch
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