There are mega projects in Dubai, worth approximately $240 billion are set for completion over the next six to 16 years.
Jumeirah Gardens project, the biggest in terms of cost, is estimated at $89.5 billion and is due for completion in 2021, followed by Dubai Holding’s Dubai Land development, valued at $61 billion with a completion date set in 2020.
The ongoing $16.7 billion Dubai World Central development that will be completed in 2030 came in next, followed by Downtown Jebel Ali project, estimated at $14.6 billion set for completion in 2020, according to the data released ahead of the forthcoming Dubai Real Estate 2020 conference.
The landmark projects include the ongoing Business Bay project, currently valued at $11.2 billion, which is expected to be completely finished in two years’ time; as well as Mohammed bin Rashid City at a cost of $11 billion for completion in 2023.
Downtown Dubai development project, with a finance of $10.9 billion, is expected to be entirely fulfilled in 2020, the time when Meydan also expects to finish the complete development of its Meydan City project at a cost of $7.3 billion. Include to this the Dubai government’s Expo 2020 build-up, which will cost $7 billion and will be in place by 2019.
The Dubai Real Estate 2020 forum will tackle the improvement and sustainable advancement of Dubai’s real-estate marketplace is the world’s fastest increasing real-estate marketplace according to one magazine, with new insights from leading local and worldwide property specialists.
Second-quarter of 2014 update that the construction projects worth $212 billion are under construction in the UAE however only $25.3 billion projects are in the tendering or pre-tender phase.
More than $12 billion had recommenced construction work in the UAE over the past year-and-a-half. Projects worth more than $5 billion have apparantly been awarded during the first quarter of the year and around $23 billion worth of projects are expected to be awarded in 2014.
According to approximation by property specialists, the total worth of project awards in the UAE will be close to $50 billion in 2014 which is 10% higher than 2013 when projects worth $44 were given.