Dh2.6 trillion in construction projects set to be awarded will cause sector to rebound in 2011

Numerous construction plans now being awarded will begin in 2011 and give that sector of UAE’s economy a much needed boost, according to Dubai Chamber of Commerce and Industry.

The study, which cited experts, quoted a figure of Dh2.6 trillion (or $714.8 billion) as the total for projects in the UAE currently being designed or in the first stages of construction.

By comparison Saudi Arabia has $283.8 billion in construction projects set to begin.  They are the next most active GCC market behind the UAE.

This rebound is part of the UAE government plan, as they mandated to diversify the economy and this industry has an important role in the movement.

Global-wide financial crisis at the close of 2008 put a serious damper on rising construction in the UAE.  In the months since that meltdown occurred many buildings and projects have been halted and cancelled and little in the way of new work has been introduced.

The 2009 year was a challenge for developers and contractors, but they are predicting a more successful and busy 2011 and expect that boom to continue.

The change has partially been initiated by the construction companies themselves, who have been recently expanding into different markets, making connections in the public sector as opposed to the private and networking with other businesses to form more competitive, attractive bids.

The UAE government is investing heavily in infrastructure in Abu Dhabi and beyond.  This spending will help the current trend to keep rising over the short term.