Report says emirate saw 37 new projects worth an estimated $2.2bn start construction in December
A total of 4,000 construction projects worth $313 billion are active in Dubai indicating a strong year ahead for the industry, according to a new report.
Dubai’s strong construction trends look set to continue through 2017 with 39 percent of the UAE’s total projects that are in the concept, design, tender, under construction and on-hold phases.
Data from BNC’s Construction Analytics showed Dubai’s urban construction sector has more than 3,200 active projects amounting to a combined estimated value of over $245 billion.
This is followed by the transport sector with 187 projects valued at $32.4 billion, the utilities industry with 203 projects valued at $24.3 billion, 377 industrial projects valued at $5.8 billion, and 12 projects in the oil and gas sector totalling $4.6 billion.
December 2016 saw 37 active projects worth an estimated $2.2 billion moving to construction in Dubai. As of the end of 2016, the total number of projects under construction was 2,508 with an estimated worth of around $92 billion, BNC added.
Some of Dubai’s current multi-billion dollar projects include Dubai Metro Red Line Extension which is a part of the Expo 2020 initiative, Container Terminal 4 of the Jebel Ali Port Expansion project and the Royal Atlantis Resort and Residences located in Palm Jumeirah.
Last month, Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum also announced the Dubai Harbour project which will see the construction of an impressive waterfront development spanning more than 20 million sq ft.
The forecast comes as Dubai is expected to award 47 construction contracts worth 11 billion dirhams ($3 billion) to local and foreign companies this year as it prepares to host the 2020 World Expo.
Development of the expo site, which the government expects to require $6.8 billion of capital spending, is one of the biggest projects in Dubai’s history and will help to open up a new district in the south of the wealthy emirate.
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