Over $12billion cost of held up projects in the UAE construction work had resumed over the past 18 months, emphasizing the tough resilience of the economy driven by escalating investor assurance.
The pace at which held up projects continued construction activity has amplified since Dubai won the right to host the Expo 2020 as positive response returned to the UAE real estate market, the Meed Projects said.
More than $23 billion worth of projects were awarded in the construction division and 55% of which were for residential developments, in 2013. The quantity of projects awarded made 2013 the second best year for project awards since 2008.
The fast restoration of the construction sector in the UAE is in line with a general upswing in building activities across the GCC. The GCC civil construction market proved signs it had returned to growth last year with a total of $59 billion worth of contracts awarded in 2013.
The director of Meed Projects said 2013 showed some of the most promising increase in the construction sector since 2010 with strong figures in the residential and mixed-use sector of the business.
According to law firm, for about 90.3% of construction companies are expecting the GCC market to enhance in 2014 compared with 70% in the previous year.
By 2015 the construction sector’s involvement, UAE GDP is foreseen to make it 11.1% and by the year 2021 it would be giving 11.5% to the national market, according to the study of Dubai Chamber of Commerce and Industry.