Projects launched by the government for enhancement of the sector are explained which may enable the eader to interpret future outlook on how the market will shape up. The construction industry is the third largest industry after oil and trade. It is one of the fastest growing economies and has one of the largest construction industries and is expected to contribute even more in the coming years. Key growth drivers in the construction industry are public sector investments in energy, communications and transport infrastructure.
The Bureau of International Expositions (BIE) announced Dubai as the host city of the World’s Trade Expo increasing spending on infrastructure driving growth in construction industry. Overall a low level of growth in institutional construction compared to residential and commercial construction. Although Abu Dhabi has seen progress in two important healthcare projects, the Cleveland Clinic and Al Mafraq New Hospital, which will together provide over 1000 new beds for the capital.
Global Institutional Construction Market
A number of international construction companies operate in the UAE construction market which is open for the involvement of international private sectors. The emerging markets are to forecast a faster growth in construction industries than the developed economies. At the global outlook, residential construction is forecasted to remain as the largest share in the construction market