Construction Market in the UAE 2018 Trend, Size, Share, Growth, Research, Analysis and Forecast

Albany, NY -- (SBWire) -- 11/25/2014 --Synopsis

This report provides detailed market analysis, information and insights into the UAE construction industry including:

The UAE construction industry's growth prospects by market, project type and type of construction activity

Analysis of equipment, material and service costs across each project type in the UAE

Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the UAE construction industry

Profiles of the leading operators in the UAE construction industry.

Data highlights of the largest construction projects in the UAE

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Executive summary

The value of the UAE construction industry increased at a compound annual growth rate (CAGR) of 3.31% during the review period (2009–2013). The outlook for the industry is favorable due to the government’s focus on infrastructure and commercial construction relating to World Expo 2020. The country’s rising population, itself mainly a product of increases in the expatriate population and employment opportunities, increases the demand for residential property. With a number of upcoming large-scale construction projects in the pipeline, the construction industry’s output is expected to record a CAGR of 9.68% over the forecast period (2014?2018).

Scope

This report provides a comprehensive analysis of the construction industry in the UAE. It provides:

Historical (2009-2013) and forecast (2014-2018) valuations of the construction industry in the UAE using construction output and value-add methods

Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type

Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)

Analysis of key construction industry issues, including regulation, cost management, funding and pricing

Detailed profiles of the leading construction companies in the UAE

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Evaluate competitive risk and success factors

Key highlights

Winning the bid to host the World Expo 2020 proved lucrative for the construction industry; the government is focused on developing the country’s infrastructure and plans to accelerate construction activities over the forecast period. According to the 2013 United Nations Conference on Trade and Development (UNCTAD), the UAE is the most-attractive country for foreign direct investment (FDI) in GCC (Gulf Cooperation Council) countries. FDIs increased to AED44.1 billion (US$12.0 billion) in 2013, indicating a 20% increase over FDIs in 2012. The country’s strong economic growth, strategic location and large consumer base will continue to attract investors. According to the UAE National Bureau of Statistics, the gross value add of the construction industry increased from AED96.5 billion (US$26.3 billion) in real terms, in 2012 to AED100.2 billion (US$27.3 billion) in 2013; in nominal terms, it rose from AED119.2 billion (US$32.5 billion) to AED133.0 billion (US$36.2 billion) during the same period.

In 2013, Abu Dhabi announced plans to invest AED330.0 billion (US$89.8 billion) during the 2013–2017 period. The allocation is part of the Abu Dhabi 2030 vision to finance development projects in several sectors. Several projects, such as the strategic tunnel project, construction of housing units, healthcare facilities and organized ranch complexes are included in the plan. Government initiatives to support economic development in the emirate will boost construction industry growth over the forecast period.

In 2011, the Abu Dhabi Urban Planning Council signed agreements with developers to construct 13,000 homes by 2015, valuing AED13.5 billion (US$3.7 billion). In addition to this, of the total AED330.0 billion (US$89.8 billion) financial support initiative to fund development projects, the council approved AED3.0 billion (US$816.6 million) in housing loans to cover 1,500 UAE nationals’ housing needs in the emirates. These agreements will support the residential construction market over the forecast period.

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According to the World Economic Forum’s Global Competitiveness Index 2014–2015, the UAE ranked first in the world in terms of road quality. In the 2014 proposed budget, Dubai’s Road and Transport Authority (RTA) allocated AED7.0 billion (US$1.9 billion), with the largest portion of funds allocated to road infrastructure. The traffic and road agency received 36.0% and rail agency received 30%. In 2011, the RTA announced that the 2012–2016 development plan would invest AED1.0 billion (US$272.3 million) to develop internal roads in residential areas. The government’s focus on developing the road network will support the development of road infrastructure over the forecast period.

The UAE is a medical tourism hub, with Dubai Healthcare City (DHCC) being the largest medical tourist destination in the GCC region. In order to enhance medical tourism, the government announced a new visa scheme in 2012 that extends the visa period from 30 days to three months, which can be renewed twice a year. The introduction of this scheme will further increase the demand for medical tourism. According to the Dubai Health Authority (DHA), in 2012, 107,000 tourists visited Dubai for medical treatments, generating AED652.7 million (US$177.7 million) of revenue. With the new entry law in place, the DHA expects that the number of tourists visiting emirate for medical purposes will increase by 20% to reach 500,000, to generate revenues of AED2.6 billion (US$708.0 million) by 2020. Rising demand for medical tourism is likely to attract investors in the healthcare sector, supporting healthcare buildings category growth over the forecast period.

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The Omani construction industry increased in value at a compound annual growth rate (CAGR) of 7.72% during the review period (2009?2013). Industry expansion was supported by government initiatives to transform the country from an oil-based economy to one more reliant on manufacturing and services. This resulted in significant investments in infrastructure development, which positively affected other markets in the industry. Industry growth is expected to continue over the forecast period (2014–2018) as a result of the government’s focus on developing physical and social infrastructure in the country, and an anticipated global economic recovery. Consequently, the industry is expected to post a forecast-period CAGR of 11.59%.

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The Belarusian construction industry posted a compound annual growth rate (CAGR) of 56.10% during the review period (2009?2013). This growth was largely due to government initiatives to improve the investment climate, develop the country’s transport and logistics infrastructure, meet rising demand for new homes, and construct commercial and retail space. Industry growth is expected to remain strong over the forecast period (2014?2018), as a result of government focus on infrastructure and residential construction. Industry output is expected to post a forecast-period CAGR of 15.07%.

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