UNITED ARAB EMIRATES CONSTRUCTION MARKET UPDATES
Dubai has over US$8 Trillion worth of active ongoing projects, and during these current times most of the construction sites remained open confirming the fact that construction activity will continue but with delays. The government have announced billions of dollars worth stimulus packages to support the economy, companies and individuals.
There are high valued projects in the Oil & Gas and Power & Water sector which are expected to keep the industry participants busy for the next few years.
The year 2020 has been announced to be the year of starting to prepare a roadmap for the UAE for the next 50 years when it celebrates its centenary in 2071 as a nation in all sectors from infrastructure and economy to health and education.
Having the Expo 2020 event postponed to October 2021 is expected to keep the Dubai’s construction sector active for 2021 also. It would also give the Emirate sufficient time to reconvene the event, and offer the world a unique platform to share the lessons learnt, solutions and ideas for a better tomorrow, thus aiming for an even bigger event than planned in 2020.
TRENDING CONSTRUCTION PROJECTS
UNITED ARAB EMIRATES Economic Updates
- Supreme Council Member and Ruler of Sharjah, HH Dr Sheikh Sultan bin Muhammad Al Qasimi, has announced that the emirate’s 2020 budget will increase 2% year-on-year to reach $7.9bn (AED29.1bn) in 2020.
- Abu Dhabi National Oil Company (ADNOC) has inked a $20.7bn deal with international infrastructure investors and operators, sovereign wealth and pension funds. The deal is recorded as one of the largest global energy infrastructure transactions, and will see the aforementioned consortium collectively acquire a 49% stake in ADNOC Gas Pipelines, the newly formed entity.
- Dubai’s Department of Finance has ordered all government agencies to cut capital spending by at least 50%, reduce spending on ongoing infrastructure projects to avoid cost overruns and delay new government construction projects until further notice.
Projects in United Arab Emirates(UAE)
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