Could 25% of world’s cranes return to Dubai?
Dubai could once again become the world’s crane capital, believes a Middle East representative of the international property agency established Chesterton.
Simon Gray, the managing director of Chesterton MENA, has delivered an optimistic outlook for the Emirate, saying that in addition to announced work there are ‘several mega projects in the pipeline.’
“The requirement for equipments and machinery in the construction industry is anticipated to rise further in the UAE, especially in Dubai, owing to the real estate boom.
“Although the consolidation of activities related to the construction industry in the UAE is in Dubai and Abu Dhabi, the other emirates are not far behind. Dubai has seen an increase in the real estate investment which is because of its predominant presence being in the centre of construction activities. The trend suggests that the indications back up the fact that there will be no respite in the increase in construction activities.”
During the 2006-2007 boom years, Dubai was described as the tower crane capital of the world, with suggestions that up to a quarter or even a third of the world’s tower cranes were at work in the city-state, though it’s a figure that has always been dismissed by tower crane industry insiders.
However the Expo2020 win gives plenty of reason to be optimistic for the construction sector, belives Gray. With the construction activities to take off, Dubai will once again be billed as the ‘crane capital’ of the world with several mega projects in the pipeline. We expect 2014 to be another positive year for real estate sector in the UAE, Dubai in particular.”
“Demand for machinery like cranes and other related equipments is on a steep rise as a result of the construction activities in the region peaking once again post the EXPO2020 win phase.”
In addition to commercial projects, residential developments are also contributing to the growth, said Gray.
“We believe that the residential property market will also grow at a faster pace over the next five years as more people choose to make Dubai their home. The city’s high quality infrastructure and the geographical location, positions Dubai as one of the best cities in the world to live and do business,.”
Chesterton has its Middle Eastern headquarters in Dubai, and in addition to property services offers valuation of plant and machinery.