By 2018 the UAE is to have invested almost 14 times more than nearby Oman.
Good news for the UAE jobs market as it looks like the construction sector is ready for a boom in the next decade due to tourism projects totaling Dh 858 billion ($234 billion). These projects will be rolled out in an eight year period. Industry researching firm RNCOS reported that by 2018 the UAE’s investments will total almost 86 per cent of the collective tourism project spending across the region. Much of the construction will likely focus on Abu Dhabi due to the support issued by the government for an increase in construction industry investments.
The Tourism Authorities in Abu Dhabi report that there were 16 per cent more visitors in July 2010 as compared to July 2009, which is the UAE’s ninth successive month of growth reports in the double digits. Analysts reported that tourism in the UAE had declined over the recession.
The industry is seeing an increase today, partly due to globally recognized events like Formula One racing coming to the area. RNCOS noted that the Emirate is near the top of the quickest growing tourism sectors in the Middle East.
As the industry has expanded over the last couple of years there has been an increased demand for infrastructure and construction projects that have boosted the nation’s economy. Due to that, a variety of new plans are being rolled out to capitalize on the opportunities presented as tourists demand more hotels, amusement and theme parks, according to the industry research specialists at RNCOS.
Figures show the investments coming out of the UAE are 14 times higher than those made by Oman, the closest country in the region, and far above Qatar, Bahrain and Saudi Arabia or Kuwait. There are both national and international firms involved in these large scale development projects and they are the driving force behind the investment levels seen for infrastructure and construction in the region.
RNCOS research figures reported that more relaxed regulatory matters, reforms in the economy, higher investments and liberalization have been a driving force in the tourism industry. The fact that the UAE is emerging as a hub for business in the Gulf region also plays a role.
An article on Wallstreetstocks.net written by David Henley reported that Abu Dhabi and Dubai are both large attractions for business and tourism. Henley, of Al Dhabi Scaffolding and Formworks, explained that this is creating a desperate need for “immediate and rapid” construction work to be done in these areas to meet the requirements of so many people. Henley noted that construction firms in the UAE and Abu Dhabi specifically are efficient and quick to bring projects to the completion stage.Paul Holdsworth, Staff Writer, Gulf Jobs Market News