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UAE Construction Sector 2016.Pdf THE CONSTRUCTION SECTOR IN THE UNITED ARAB EMIRATES FLANDERS INVESTMENT & TRADE MARKET SURVEY UAE Construction Sector Overview and Outlook December 2016 Lieselot Vanden Driessche, Commercial Deputy Flanders Investment & Trade - Belgian Trade Center World Trade Center, 14th floor Sheikh Zayed Road Dubai, UAE [email protected] INHOUD 1. The previous years ..................................................................................................................................................................... 3 2. Construction Industry: an overview ................................................................................................................................ 4 2.1 Infrastructure ....................................................................................................................................................................... 4 2.2 Residential ............................................................................................................................................................................ 4 2.3 Office ........................................................................................................................................................................................ 5 2.4 Retail ........................................................................................................................................................................................ 5 2.5 Hospitality ............................................................................................................................................................................ 6 2.6 Healthcare ............................................................................................................................................................................. 6 2.7 Leisure ..................................................................................................................................................................................... 7 2.8 Conclusion ............................................................................................................................................................................ 7 3. Opportunities, challenges and trends ............................................................................................................................ 8 3.1 Opportunities ...................................................................................................................................................................... 8 3.1.1 Expo 2020............................................................................................................................................................................ 8 3.1.2 Green Building ................................................................................................................................................................. 8 3.1.3 Specialist Opportunities......................................................................................................................................... 10 3.2 Challenges .................................................................................................................................................................................... 10 3.2.1 A competitive market ............................................................................................................................................... 10 3.2.2 Labour force .................................................................................................................................................................. 10 3.2.3 Lower oil prices ........................................................................................................................................................... 10 4. Useful Information .................................................................................................................................................................... 11 4.1 Useful websites.................................................................................................................................................................. 11 4.2 Exhibitions .......................................................................................................................................................................... 13 4.3 Major companies ............................................................................................................................................................. 14 5. Sources ............................................................................................................................................................................................. 15 UAE Construction Sector | December 2016 2 The previous years The construction sector in the UAE - and especially in Dubai - suffered a major blow in 2009, following the worldwide financial crisis and the Dubai World debt crisis. A large number of planned projects were cancelled or put on hold. High oil and gas revenues in the years 2008-2014, the expanding tourism sector, flourishing industry and re-exports aided the UAE’s economic recovery. By end 2012 consumer confidence had returned and real estate activity and prices had picked up again, in turn benefitting the construction sector. Growth is now slower paced than before the 2009 downturn, investments are undertaken more cautiously and are focused on infrastructure, retail, hospitality and commercial projects. The outlook for the UAE construction sector is positive for the years to come. Although the low oil prices pose real challenges for a country in which the hydrocarbons sector still contributes 34.3% to the nominal GDP (2014), the construction sector is set to benefit from further development of tourism, international events such as Expo 2020, major government investments in transportation infrastructure and even from the current political unrest in the region, in which the UAE continues to have a ‘safe haven’ status. This concise study will look into ongoing construction activity in the UAE, spread across residential, commercial, hospitality, healthcare and infrastructure segments. Opportunities and challenges will be highlighted. Anyone wanting to explore the construction market in further detail, is most welcome to contact the FIT-office in Dubai. UAE Construction Sector | December 2016 3 Construction Industry: an overview 2.1 Infrastructure A large number of infrastructure works have been started in recent years in the United Arab Emirates. Major roadway, airport, and port (upgrade) projects are ongoing in preparation of further expected population influx and of the upcoming Expo 2020 event in Dubai. The ongoing airport expansion project at Dubai International, worth USD 7.8 billion, will increase the airport’s current capacity from 60 to 90 million passengers per year by 2018. Dubai’s second airport, Al Maktoum International, was opened for cargo operations in 2010 and opened its doors to passengers in 2013. When the USD 32 billion expansion will have been completed, the airport will be the largest in the world, able to accommodate more than 160 million passengers and 12 million tonnes of cargo per year. Today the UAE’s infrastructure already boasts an impressive international ranking: worldwide first place for roads, second for ports and third for airports. Across the GCC, infrastructure accounted for the highest share of GCC construction in 2014. A crucial project is the GCC pan-Gulf network, a US $ 25 billion railway network connecting Saudi- Arabia, UAE, Oman, Kuwait, Qatar and Bahrain. Project Value in US $ million Expected completion Dubai Metro 14,352 2030 Emirates Road 12,000 2016 Etihad Railway Network 11,000 2018 Airport Expansion Project 7,800 2018 Abu Dhabi Metro 7,000 2020 Abu Dhabi Airport Expansion: 2,960 2017 Midfield Terminal 2.2 Residential Residential projects accounted for the highest number of projects completed in 2013-2014 and the number of residential projects is expected to rise further in the coming years. The residential segment, however, does not represent the largest share of construction projects in the UAE anymore. Larger investments are now being made in the hospitality, education and healthcare sectors. The residential construction market is dominated by the UAE’s two major cities, Dubai and Abu Dhabi. The UAE’s government has taken measures to bridge the gap between supply and demand of housing for the lower income groups, by allocating land in Al Quoz and Muhaisnah (Dubai) to affordable housing units. There have also been reports of a law being prepared, making it mandatory for developers to offer 15-20% of their projects in the affordable housing category. The upper-mid and high-end of the market of the Dubai residential market, meanwhile, is experiencing oversupply, with a demand and supply gap of 13%. Another 51,000 units are expected UAE Construction Sector | December 2016 4 to be released in the years leading up to 2020. The increased supply is forecasted to be absorbed by the ever-growing population of Dubai and the UAE, especially in the light of the Expo 2020 event. Abu Dhabi, on the other hand, is experiencing an under-supplied market, in the affordable housing as well as in the mid- and higher end segments. A number of projects are expected to be finished in 2016, and total stock of residential units should reach 264,000 by end of this year. Project Value in US$ million Expected
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