Source: Arabian Business
More than $15bn worth of construction contracts are likely to be awarded this year in the UAE, new research showed on Sunday.
A total of $15.068bn – an increase of 26.57 percent compared to last year – will be awarded, according to a report by research specialists Ventures Middle East.
The total value of current UAE construction projects is $1.249trn with buildings accounting for $871.6bn, energy projects for $190.9bn, and infrastructure projects amounting to $187.2bn, the research said.
The figures have been released in the build-up to WORLD ecoConstruct, which takes place in Abu Dhabi in April, which focuses on sustainable development in the region.
Across the GCC, sustainable building projects spearhead the growing real estate construction boom.
Masdar City, an emerging low-carbon, low-waste global clean-technology development in Abu Dhabi is a leader in this and aims to become one of the world’s most sustainable cities in the world powered by renewable energy.
Elsewhere, construction on the $60bn Sustainable Economic Cities of Saudi Arabia has begun across the kingdom, while Energy City in Qatar and Sabah Al Ahmed International Finance Centre in Kuwait both place major emphasis on the use of green building technology.
Tsitsi Lynn Makuni, exhibition director of WORLD ecoConstruct, said: “The latest figures illustrate that the Middle East continues its aggressive development plans.
“The Abu Dhabi Executive Council has approved spending on the new billion dollar airport terminal, a metro system, two industrial zones, more than 20,000 new homes, 14 new hospitals and 24 new schools.”
Qatar has jostled with Saudi Arabia for the title of the Gulf’s most lucrative construction market, after the global financial crisis brought a swift end to Dubai’s building boom.