After being accolade as one of the world’s most eventful construction industries and witnessing a successful property boom up to 2009, the United Arab Emirates (UAE), the confederation of seven Emirates in the Gulf and one of the strongest nations in the Gulf Cooperation Council (GCC), witnessed a sharp tumble triggered by a debt mounting by leading construction companies which had invested heavily in building construction projects amid the boom and were unable to meet financial commitments. Dubai led the downfall in the markets with property prices and rents crashing as much as 60 percent in 2010 followed by a hasty bailout by Abu Dhabi, the richest of the Emirates. A year later as Dubai begins to recover on a fragile path of restarting projects shelved by it and restructuring to attract investments afresh, Abu Dhabi which had embarked on an equally ambitious plan under its Vision 2030 to try to outpace Dubai on the global map has also met a stumbling block. Raising debt has caused the Emirate to tighten its purse strings and relook construction projects with a fine eye on the budget and spending resulting in delays and cancellations on a large scale in government backed projects in the Emirate.
The UAE Building Construction Industry witnessed contract awards worth an estimated US$ 8,698 million in 2011 and the industry is expected to witness building contract awards worth US$ 10,834 million in 2012.
Ventures Middle East with its vast experience on the pulse of the construction market and up to date tracking of projects across industries, analyses the changes and growth path of the tumultuous UAE Building Construction industry, its growth drivers and restraints and the factors - political, social, economic, technological, legal and regulatory and environmental that shape its growth path. “The UAE Building Construction 2011-Changing Landscapes” report explores the changes that have been witnessed by this industry and explores the effects of the same on the UAE building construction industry in 2011.
The report also provides in depth vital statistics on the state of the economy, contractor awards for the building construction industry and its main segments, namely, residential, commercial, retail, tourism and leisure and others (including airports, educational institutions, hospitals and miscellaneous projects) for the period 2010 to 2013 while also providing forecasts of real estate demand across the key segments of commercial, residential and retail for the years 2011 to 2015. This study would provide a complete overview and insight into the workings of the UAE building construction industry and its future outlook enabling players to identify and explore opportunities and challenges in this changing market space.
