Awarded construction contracts in UAE worth $46 billion in 2014
Construction sector expected to improve the UAE’s GDP by 4% to $404 billion in 2014
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Due to the upward movement presented by the real estate and construction sectors in the UAE and across the region, Dubai Investments announced it has increased the production capacities of its subsidiaries dealing in the building materials market.
Construction activity in the UAE has significantly increased this year, with projects worth $46 billion awarded in 2014, as compared to $38 billion from last year. The sector is expected to improve the UAE’s GDP by 4% to $404 billion in 2014 in contrast with $390 billion in 2013.
“High demand as a result of the construction boom in Saudi Arabia, Qatar, Oman, Kuwait and across the Middle East is placing added demand on the capacities of our companies dealing in building materials,” Abdulaziz Bin Yagub Al Serkal, general manager of Dubai Investments said.
“The construction industry has always been a key source in driving growth for the UAE’s economy and the current upswing, especially in residential projects, has led to unprecedented demand for quality building materials and innovations – which offers us a huge growth opportunity,” Al Serkal continued.
“We are confident that the solid demand in the construction sector will continue in the foreseeable future.”
