The UAE construction market size was $94 billion in 2023, and the market will achieve an average annual growth rate (AAGR) of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London.

The growth is attributed to the increase in investments in transport and renewable energy infrastructure, with improvements in the electric vehicle market, Emirates News Agency, WAM, said, citing the report.

Residential construction captured the highest share of the UAE's construction market last year, according to the report.

It indicated that real estate continued its growth momentum with expectations that the sector will maintain good growth rates during the current year 2024 supported by the launch of qualitative infrastructure projects and investments by the government and the private sector.