Dublin, March 04, 2022 (GLOBE NEWSWIRE) -- The "United Arab Emirates Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units) across 40+ Market Segments in Residential, Commercial, Industrial, Institutional and Infrastructure Construction, Q1 2022 Update" report has been added to ResearchAndMarkets.com's offering.
According to the publisher's Q4 2021 Global Construction Survey, construction industry in United Arab Emirates is expected to grow by 6.8% to reach AED 245,982 million in 2022.
Despite near-term challenges in certain construction sectors, medium to long term growth story in United Arab Emirates remains intact. The construction industry in United Arab Emirates is expected to grow steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 3.9% during 2022-2026. The construction output in the country is expected to reach AED 286,350.5 million by 2026.
Government spending on construction activities is expected to support market growth in the UAE
Several government initiatives such as the Energy Strategy 2050, the Sheikh Zayed Housing Program, and the Dubai Tourism Strategy are expected to support the growth of the construction sector in the UAE over the next four to eight quarters. Moreover, the government is also focusing on the development of smart cities, digitization of up to 1,000 government services, and installation of 2,000 Wi-Fi hotspots in the country. The liberal trade policies of the government are also attracting foreign investors, thereby propelling the growth of the construction market in the country.
The commercial infrastructure sector is expected to assist the growth of the industry in the UAE
Over the last decade or so, the UAE has emerged as one of the most popular tourist destinations, and the country intends to keep it that way. For instance, in the commercial infrastructure space, Abu Dhabi is planning to attract almost 8 million tourists annually by 2030 under the Abu Dhabi Plan 2030.
For serving the huge inflow of tourists, the government is planning to boost investment in the commercial infrastructure space from the short to medium-term perspective. Furthermore, the country is also hoping to expand its retail and office space to four million square meters by 2030. All of these factors are expected to support the growth of the commercial infrastructure sector in the UAE in the near term.
Moreover, nearly 160 hotel construction projects with more than 45,700 rooms are in the pipeline. This will subsequently assist the overall construction industry in the next four to eight quarters in the country.
Low lending rates and improving business conditions are boosting the growth in the residential construction industry
In 2020, the residential construction market was hit by the global pandemic as job losses because of Covid-19 forced nearly 10% of the expat population to leave, resulting in an increase in vacancies last year. In Dubai, residential sales prices declined by more than 7%, whereas the number stood at 2.1% in Abu Dhabi in 2020.
However, the low lending rates and improving business conditions in 2021 have helped the country in reviving the demand for housing units. Some of the construction firms, such as Aldar Properties, have recorded strong growth in Q2 2021. The company recorded US$1.36 billion in sales in 2021, supported by new launches. Emaar Properties, one of the largest property developers in Dubai, also saw its sales surge to a record high of US$2.65 billion in Q2 2021.
Notably, the growth in the residential construction sector has been assisted by the high national vaccination rate, improving mobility trends, company ownership rules, and government reforms. All of these, paired with more flexible residency visas, have also supported the sector growth in the country. The publisher expects the trend to continue from the short to medium-term perspective, which will subsequently assist the overall growth of the construction industry in the UAE.
This report from the publisher provides data and trend analyses on construction industry in the UAE, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 140+ charts and 110+ tables. It details market size & forecast, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
It provides a comprehensive understanding of construction industry sectors in both value and volume (both by activity and units) terms. The report focuses on combining industry dynamics with macro-economic scenario and changing consumer behavior to offer a 360-degree view of the opportunities and risks.
Reasons to buy
- In-depth Understanding of Construction Market Dynamics: Understand market opportunity, industry dynamics, key trends and drivers across 40+ market segments and sub-segments of building and infrastructure construction industry in United Arab Emirates.
- Volume and Value Data: Get detailed understanding of the market both from value and volume (both by activity and units) perspective for historical as well as forecast period
- Develop Market Specific Strategies: Identify growth segments and target specific opportunities to formulate your strategy; assess market specific key trends, drivers and risks in construction industry.
- City Level Insights: Get city level trend analyses by tier-1, tier-2, and tier-3 cities.
Key Topics Covered:
1. About this Report
2. United Arab Emirates Construction Industry Dynamics and Growth Prospects
3. United Arab Emirates Residential Construction Industry Market Size and Forecast
4. Analysis by Residential Construction Markets Outlook by Construction type
5. Analysis by Residential Construction Markets Outlook by Key Cities
6. Analysis by Residential Construction Markets Outlook by Price Point
7. United Arab Emirates Commercial Construction Industry Market Size and Forecast
8. Office Building Construction Outlook
9. Retail Building Construction Outlook
10. Hospitality Building Construction Outlook
11. Restaurant Building Construction Outlook
12. Sports Facility Building Construction Outlook
13. Other Commercial Building Construction Outlook
14. United Arab Emirates Institutional Construction Industry Market Size and Forecast
15. Outlook and Growth Dynamics by Institutional Building Construction Sectors
16. United Arab Emirates Industrial Construction Industry Market Size and Forecast
17. Outlook and Growth Dynamics by Industrial Building Construction Sectors
18. Infrastructure Construction Outlook
19. United Arab Emirates Marine and Inland Water Infrastructure Construction Industry Market Size and Forecast
20. United Arab Emirates Utility System Infrastructure Construction Industry Market Size and Forecast
21. United Arab Emirates Transport Infrastructure Construction Industry Market Size and Forecast
22. Further Reading
For more information about this report visit https://www.researchandmarkets.com/r/aaaqch
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