UAE’s construction sector likely to hit $75.8bn
01 October 2020
The UAE’s construction industry is expected to hit Dh278.7 billion ($75.8 billion) by 2024 with a CAGR (compound annual growth rate) of 6.2 per cent, according to a report by research firm ResearchAndMarkets.
Over the next eight quarters, growth across residential, commercial, industrial and institutional sectors in the UAE is expected to remain impacted due to the economic downturn caused by the Covid-19 outbreak, stated the firm’s latest report in the “UAE Construction Industry Databook Series”.
Despite near-term challenges, the 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.
According to the report, the commercial building construction market in value terms is expected to record a CAGR of 9.1 per cent over the forecast period.
The infrastructure construction was estimated to be Dh89.8 billion in 2019, posting a CAGR of 7.5 per cent during review period, stated the ResearchAndMarkets report.
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- In brief
