UAE Construction Market Industry Growth Prospects to 2024, Revised Due to COVID-19 Impact

Dublin, Nov. 16, 2020 (GLOBE NEWSWIRE) -- The "Construction in the United Arab Emirates (UAE) - Key Trends and Opportunities to 2024" report has been added to ResearchAndMarkets.com's offering.

On the back of an already struggling market and the COVID-19 outbreak, coupled with low oil prices, construction output in the UAE is expected to contract by 4.8% in 2020, but a rebound of 3.1% in 2021. New project opportunities are expected to be minimal in the coming quarters, as the government is consolidating its widening fiscal debt, and COVID-19-related force majeure and the change in law notices are being issued by all parties. However, industry players are pushing ahead to solve issues that became entrenched in the construction sector in order to recover quickly, by speeding up the use of new technologies such as BIM, drones, and virtual reality to eliminate waste from their processes. The recent approval of a new Dubai Building Code is also a positive development; the new code outlines a revised set of construction rules and standards and seeks to reduce construction costs by streamlining building rules. Collaborative working between banks and governments with their clients to ensure that there is enough liquidity, mitigate the default risk, and reduce the likelihood of disputes remain on the top of government's agenda amid construction industry's struggle. The UAE announced in August that it will deliver a three-stage 'flexible package' of measures to strengthen the economy, including steps to support the labor market and support investment.

The pandemic will certainly be a severe impediment to growth, and could lead to investment priorities for sectors over others, but over the medium to longer-term, government investment will remain focused on upgrading physical infrastructure and reforming the financing and regulatory environment. Infrastructure projects are a key part of the UAE's economic expansion, as not only the Emirate but the GCC region still has huge infrastructure needs as it seeks to build efficient transport and logistics networks as well as reliable supplies of clean energy. However, the government's economic and fiscal policies will continue to be partly guided by global oil price movements, as the emirate of Abu Dhabi, which funds a major share of federal spending, is still heavily reliant on oil revenue.

The 'Construction in the UAE - Key Trends and Opportunities to 2024' report provides detailed market analysis, information and insights into the UAE construction industry, including -

• The UAE construction industry's growth prospects by market, project type and construction activity
• Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the UAE construction industry
• Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline

This report provides a comprehensive analysis of the construction industry in the UAE. It provides -

• Historical (2015-2019) and forecast (2020-2024) valuations of the construction industry in the UAE, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Key Topics Covered:

1. Executive Summary

2. Construction Industry: At-a-glance

3. Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status

4. Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction

5. Key Industry Participants
5.1 Contractors
5.2 Consultants

6. Construction Market Data

7. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/vwnf1m

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
         Laura Wood, Senior Press Manager
         press@researchandmarkets.com
         For E.S.T Office Hours Call 1-917-300-0470
         For U.S./CAN Toll Free Call 1-800-526-8630
         For GMT Office Hours Call +353-1-416-8900