Construction projects in the UAE
Information on the Latest and Greatest Middle Eastern Construction Projects
The UAE has experienced both growth and declines over the past five years. Despite the recent global setbacks, Dubai still has over US$400Bn worth of active and ongoing projects. With the continuity of construction projects in Dubai, despite global circumstances, the UAE has proven its dedication to improving its economy and eventually bouncing back into full operation.
Where growth on Global Domestic Products (GDPs) declined in 2018, it showed an increase of 0.49% in 2019. In 2020, however, the UAE faced a severe decline to -6.6%. This, however, has proven temporary as the UAE is expected to make a notable comeback in the coming years, with projections indicating a 3.1% GDP growth rate in 2021, and a 3.6% growth rate for non-oil growth GDPs by the end of 2021.
A federal budget cut of 5.3% from Dirhams 61.35Bn to Dirhams 58.113Bn (US$15.8Bn) has not impacted UAE determination or ambition for growth. As of 2021, the UAE government will continue its efforts to implement major projects while also focusing on social development.
But it doesn’t stop there; current projects in the UAE are estimated at a worth of nearly US$860Bn. This is indicative of a moderate increase in overall activity, productivity and, ultimately, growth in the UAE – which is good news for national and global markets and stakeholders. New citizenship laws make foreigners eligible for citizenship in the UAE under specified conditions, which also sets a new foundation for growth in both the UAE economy and the real estate market.
Bright growth projections, dedication, and productivity on the UAE’s part is demonstrating unique and prosperous opportunities in the wake of the global economic crisis in 2020. Some new projects in the UAE announced in 2021 include Masaar in Sharjah, Yas Living in North Yas, Water Treatment & Transmission Facility in Mirfa, Waste to Energy Plant in Al Dhafra, and Binghatti Mirage, to name a few.
In spite of lower oil prices, the Oil & Gas sector is proving relatively active with many projects in Front-End Engineering Design (FEED) and Engineering, Procurement and Construction (EPC) stages. There are many other projects also currently underway. The Utility sector is among these active sectors and remains a high priority to the UAE government.
Events such as Dubai EXPO 2020 – which was cancelled due to the pandemic and set to take place in October 2021 – will also have an immense impact on re-establishing Destination Dubai and the UAE economy itself.
In preparation for the 2021 Expo, Dubai awarded about 47 construction contracts with a total value of US$ 3 billion to local and foreign companies. The upcoming Expo has been driving construction demand, particularly in the tourism and hospitality sectors, as well as public spending on infrastructure. From 1st June 2021, Dubai Investments Park and Expo metro stations opened on Route 2020 of the Metro Red Line. The opening of the two stations on Route 2020 concurred with the start of the countdown of Dubai’s hosting of Expo 2021.
The UAE government continues with its plans such as the Energy Strategy 2050, Dubai 2040 Urban Development Plan, the Sheikh Zayed Housing Programme and the Dubai Tourism Strategy. The UAE’s Vision 2021 highlights the importance of infrastructure and aims for the emirate to be among the best in the world in the quality of airports, ports, road infrastructure, and electricity. The Abu Dhabi’s government announced in 2020 an ambitious plan to procure over US$ 2.72 billion worth of infrastructure partnership projects across a range of sectors including education, transport and municipal works.
Over 11,000 new houses are currently being built for UAE citizens across the country and will be handed over to the owners soon after they have been completed, according to a top UAE government official. The UAE's leadership announced a new industrial strategy named “Operation 300bn” to more than double the contribution of the industrial sector to the country’s overall economic output to US$ 82 billion by 2031. A key part of the strategy will be attracting foreign investment, with recent legislative changes facilitating 100% foreign ownership of companies and projects.
The Ruler of Dubai announced US$ 0.52 billion in UAE infrastructure projects. The mega projects aim to connect cities and shorten distances across the country. The country aims to create infrastructure that is among the world’s best and the strategic projects are designed to further enhance the UAE’s global economic ranking.
New Construction Projects in the UAE
new projects announced in the UAE FOR 2021, some of which include
Yas Living in North
& Transmission Facility
Energy Plant in
new projects announced in the Abu Dhabi FOR 2021, some of which include
in North Yas,
Mirfa-2 (M2) Independent
Energy Plant in
at Yas Bay,
Silos Grain Storage and
From all the anticipated developments mentioned above, it’s evident that construction projects in UAE predict prosperity across multiple industries, also positively influencing the UAEs global standing in 2021 and for the years to come.
There are various new projects announced in the UAE in 2021, some of which include:
Masaar in Sharjah: A luxury, upmarket forested community with a collection of smart homes and townhouses
Yas Living in North Yas (NOYA), Abu Dhabi: Aldar Properties’ latest and brand-new development located on the North-side of Yas Island.
Water Treatment & Transmission Facility in Mirfa: Utilizing reverse osmosis technology, the plant’s capacity is projected to accommodate approximately 150 million imperial gallons of water per day.
Waste to Energy Plant in Al Dhafra: Located near the existing Al Dhafra landfill, the plant will have an expected processing capacity of between 600,000 and 900,000 tonnes of annual waste. With the plant’s waste conversion efforts, projections estimate it to generate enough electricity for up to 22,500 households in the UAE.
Binghatti Mirage in JVC: A residential apartment building development expected to offer modern one and two-bedroom apartments.
There are also a few new projects in Abu Dhabi for 2021, including:
Yas Living in North Yas, Abu Dhabi
Mirfa-2 (M2) Independent Reverse Osmosis Water Project
Waste to Energy Plant in Al Dhafra
Diva Towers at Yas Bay, Abu Dhabi
Khalifa Port Silos Grain Storage and Processing Plant
Economic Updates: UAE & Dubai Projects
The economy has passed the recovery phase and is in 'high readiness' for the future, according to the Minister of Economy Abdulla bin Touq.
According to the World Bank, accommodative monetary policy, fiscal stimulus and a rebound in domestic demand will lead to a return of moderate inflation.
The merged unit, called Dubai's Department of Economy and Tourism, will aim to increase "the added value of the industrial sector, expand foreign trade and attract 25 million tourists by 2025.
The Expo has proven to be a catalyst for growth of the emirate's economy, which is set to expand at a faster pace in 2022, as Dubai continues to take steps to develop its digital economy and boost the start-up ecosystem.
The UAE cabinet approved the country's federal budget for five years from 2022- 2026, with total expenditures of US$ 79 billion during a Cabinet meeting at UAE pavilion at Expo.
Projects in United Arab Emirates(UAE)
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Major Projects in the UAE
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