Connect UAE

United arab emirates cabinet approved the US$79 billion budget for 2022-2026 in October 2021. In dubai the Construction demand continues to be strong in the run-up to Expo 2020, supported by new tourism and hospitality projects and public spending on infrastructure, although rising materials costs and funding constraints are exerting pressure on profit margins. United arab emirates construction market  opportunities for growth during the forecast period, which is expected to further drive market competition. Expo 2020 event will provide positive support to the economy, low base effects and pent-up demand will help to generate positive growth when compared to the levels of 2020  New Dubai Building Code in October 2020 is 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.  It also approved the AED58.9 billion (US$16 billion) general budget for 2022...

Private investment in Dubai real state sector has been the primary driver of UAE construction. Since 2004, Dubai has accounted for about nearly 57 per cent of all construction contracts in the UAE, with 81 per cent of those coming on real estate projects.      Dubai real estate projects have accounted for over 46 per cent of all construction contracts awarded in the UAE over the past 16 years, and 19 per cent of GCC awards.The construction market crisis in Dubai has been impacted by the COVID-19, which led to the halt of construction work. This, in turn, has led to a reduction in net profits in the sector 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 econ...