An estimated $24.7bn worth of construction contracts are expected to be awarded in the UAE this year, as the country enters a post-Covid rebound on the back of increased government expenditure and a fresh injection of foreign investment.
This was projected in a report releases this month by project intelligence platform Ventures ONSITE, which based its assessment on the UAE launching several measures to attract investment and visitors.
According to the report, projects in the residential, commercial, airports, sports facilities, hotels and recreational facilities, healthcare and education sectors, hold the lion’s share of new contractor awards In the UAE in 2021, valued at $12.6bn.
This is followed by the oil & gas sector at $8.4bn, power and water construction projects at $2.2bn, and infrastructure, which includes roads, bridges, railways and ports, valued at $2bn.
Ventures ONSITE’s report was prepared for the Hardware + Tools Middle East 2021 trade fair, which opened yesterday at the Dubai World Trade Centre. The three-day event is a dedicated exhibition for tools, hardware, materials, equipment and machinery, held in partnership with Zhejiang International Trade Fair (Dubai) from China, organised by the Department of Commerce of Zhejiang Province.