UAE's construction sector likely to hit $75.8bn by 2024, says report

The UAE's construction industry is expected to hit AED 278.7 billion by 2024 with a CAGR of 6.2 per cent, according to a report by leading research firm ResearchAndMarkets.


Over the next 8 quarters, the report expects growth across residential, commercial, industrial, and institutional sectors in United Arab Emirates to remain impacted due to the economic downturn caused by the Covid-19 outbreak, it stated in the firm's latest "UAE Construction Industry Databook Series." 


Despite near term challenges, medium to long term outlook remains positive. Over the short term, investment in the construction industry will be driven by government spending in the infrastructure sector.


The residential construction industry in value terms increased at a CAGR of 6.7% during 2015-2019, it added.


According to the report, the commercial building construction market in value terms is expected to record a CAGR of 9.1% over the forecast period. 


The infrastructure construction was estimated to be AED89.8 billion in 2019, posting a CAGR of 7.5% during review period, stated the ResearchAndMarkets report which covers Dubai, Abu Dhabi, Sharjah, Al Ain, Ajman, Ras al-Khaimah, Fujairah, Umm Al Quwain, Khor'fakkan, Dibba and Al Fujairah.


It provides a comprehensive understanding of construction sectors in both value and volume (by activity and units) terms.


The report also focuses on combining industry dynamics with macro-economic scenario and changing consumer behavior to offer a 360-degree view of the opportunities and risks.-TradeArabia News Service




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