New construction contractor awards in the UAE are estimated to be worth US$24.7 billion in 2021, as the country looks to rebound on the back of increased government expenditure and a fresh injection of foreign investment.
According to a September 2021 report by ONSITE, the UAE has launched several measures to attract investment and foreigners. The International Monetary Fund (IMF) increased the UAE’s economic growth forecast for 2021 to 3.1 percent crediting the country’s measures in handling the Covid-19 pandemic.
In the UAE, buildings such as residential, commercial, airports, sports facilities, hotels and recreational facilities, healthcare, and education, hold the lion’s share of new contractor awards in 2021, valued at US$12.6 billion.
This is followed by the oil & gas sector (US$8.4 billion) power & water construction projects (US$2.2 billion), and infrastructure, which includes roads, bridges, railways, and ports (US$2 billion).
Major UAE projects to be awarded this year include Yas Living in North Yas Abu Dhabi, the Belbazem Oil Field Development, the Optimum Shah Gas Expansion (OSGE), and Dubai’s MAG City (District 7 in Meydan City), with 546 townhouses.
Ventures ONSITE’s report was prepared exclusively ahead of the Hardware + Tools Middle East 2021 trade fair, which took place from the 28-30 September at the Dubai World Trade Centre.
Dishan Isaac, Senior Show Manager for Hardware + Tools Middle East, said: “The UAE has launched several measures to attract investment and foreigners to the country and its covid-19 response strategy has injected renewed confidence in the construction sector, which in turn has a direct impact on demand for the latest tools, hardware, materials and machinery.”
“Whether it’s in the industrial, infrastructure, commercial, buildings, or energy sectors, investment is now fast-flowing, and Hardware + Tools Middle East will reprise its role as a key networking event serving the industry that brings together the majority of trade buyers and professionals engaged in the construction sector.”
“This year the event will comprise a hybrid format, so visitors that cannot attend the event in-person can still discover products virtually, receive direct assistance from exhibitors onsite, as well as connect with suppliers,” he added.