gurgaon, India, June 2016 This expansion of uae’s commercial construction sector is expected to progress further because dubai is hosting world expo 2020, which will improve both the construction sector and the gdp of uae. • a tremendous expansion of uae’s commercial construction sector has been recorded in the past 15 years due to the rise of gdp of uae and the increase in price of oil. ken research has released its most recent publication, which is titled “commercial construction in the uae to 2019: market forecast.” This book does an excellent job of elaborating on the current state of the commercial construction business in the uae. The paper discusses the past and projected market value of the commercial construction sector in the UAE, as well as the breadth and overview of the business and the causes driving its growth. According to the gcc countries, the United Arab Emirates had a gross domestic product of 570 billion dollars in 2014, making it the second biggest economy in the arab world behind Saudi Arabia. The oil-dependent trade country of the United Arab Emirates was transformed into a tourist and service-oriented economy after the government of the United Arab Emirates (UAE) announced initiatives to diversify the economy in 2004. Due to the rapid rate of building in Dubai, it has become one of the cities with the highest population growth in the world. The construction industry of the UAE’s economy now ranks as the fifth biggest sector overall. Dubai is home to a wide variety of architectural wonders, such as the Burj Khalifa, as well as some of the world’s most beautiful and extravagant man-made islands. The United Arab Emirates’ commercial, industrial, infrastructure, residential, and institutional construction sectors are the five subsectors that make up the country’s overall construction industry. The purpose of this report is to investigate the commercial construction industry in the emirates and to forecast market value data for the commercial construction industry, including a breakdown of the data by construction activity (new construction, repair and maintenance, refurbishment, and demolition). an overview of the commercial construction industry in the united arab emirates is also included. The leisure, retail, office, industrial, healthcare, and multifamily (apartment) real estate sectors are the primary ones that make up the UAE’s commercial real estate market. uae has recorded an incredible business vision towards the production and expansion of commercial property, which has therefore led to astounding growth in the construction industry. This growth has been a direct result of this vision. This rapid rise of the commercial construction industry in the United Arab Emirates is explored in more detail below. •at the beginning of the 2000s, crude oil prices were fairly high and had a significant impact in the fast economic expansion of the states that make up the emirates. As a result, the emphasis of these countries shifted gradually away from a dependence on the hydrocarbon and oil and gas sectors and toward diversification, which led to an increase in the real estate and building industries. The quick increase in gdp as well as the expansion in the real estate sector led to the cagr of the United Arab Emirates’ business service and real estate sector recording growth of 20% between 2003 and 2007. The worldwide economic crisis of 2007 was followed by dropping oil prices, which caused a stagnation and slowing of economic development as well as the closure and postponement of several real estate projects in the UAE. The commercial construction industry was the sector that was most impacted by the recession. • After the effect of the crisis had worn off, the economy flourished and thrived brilliantly. In 2011, the United Arab Emirates achieved the biggest value of a building project with USD 319.1 billion. This marked the resurgence of both the commercial and residential real estate industries. After 2012, the commercial building sector in the UAE saw explosive growth, propelling the country to the top of the global construction industry rankings. During this time period, large commercial and residential construction projects were carried out in Dubai, such as the dubai logistics city-office park, the burlington tower, the central market towers-trust tower, al falah, the pentominium tower, and others. Even if the price of oil is going down, it is anticipated that the future of commercial real estate development in the UAE will continue to be healthy and stable, and that the economy would expand at a rate of 6.6 percent annually. It is anticipated that large scale development would provide further benefits to the commercial construction industry. However, one can detect a diminishing sense of confidence in the UAE’s building sector as a result of the lowering price of oil. The primary elements that are driving the expansion of the commercial building sector in the UAE • an increase in investment in commercial real estate from both local and international sources Since Dubai will host the World Expo in 2020, there has been a significant increase in the amount of local and international investment flowing into infrastructure development projects. Therefore, in the United Arab Emirates, enormous infrastructural and commercial building projects that involve vast expenditures have been conducted in order to ensure the success of the 2020 global expo project. The blue seas island, dubai amusement parks, aladdin city, and museum of the future are only few examples of the various projects that cost billions of dollars. •an increase in the nation’s gross domestic product, which leads to an increase in the demand for commercial real estate. After Saudi Arabia, the United Arab Emirates is the most wealthiest arab country. Both the oil and non-oil industries are contributing to the continual growth in gross domestic product of the United Arab Emirates, and this has led to a skyrocketing surge in demand for commercial and non-commercial real estate in the United Arab Emirates. With a significant growth in GDP, a tremendous surge in demand has been noted for commercial real estate such as buildings for leisure and hospitality, retail buildings, office buildings, healthcare facilities (such medical centers), and other types of structures. This has resulted in a breakthrough in both the commercial construction and residential building industries in the United Arab Emirates. • the demand for luxurious real estate fueled by both tourists and business. The United Arab Emirates has emerged as a popular location for both business and pleasure travel. This has resulted in the development of a number of opulent tourist destinations, which has contributed to the expansion of the commercial building sector in the UAE. To meet the ever-increasing demand for premium hospitality and leisure locations, the developer meeras started work in 2013 on the grandiose blue water project in Dubai, which was estimated to cost USD 1.6 billion. •the international car show It is anticipated that substantial investment on infrastructure would drive the rapid expansion of the UAE construction sector until the year 2020. The planned real estate developments in Dubai are making significant progress toward fulfilling the anticipated infrastructure targets for the year 2020. The construction industry would see an increase in activity as a result of significant projects such as the Al Maktoum Airport and the Jebel Ali Airport. The commercial construction industry in the UAE was discussed in depth among the important subjects addressed. elements that have contributed to an increase in the demand for commercial real estate. the most important commercial property in the Emirates. The prospect for the UAE’s commercial property market in the future. to learn more, please visit the following link: https://www.kenresearch.com/manufacturing-and-construction/infrastructure/commercial/29569-97.html Related links may be found at the following website: https://www.kenresearch.com/manufacturing-and-construction/infrastructure/commercial-construction-india/12926-97.html https://www.kenresearch.com/manufacturing-and-construction/real-estate/commercial-construction-qatar/23554-97.html Ankur Gupta, Head of Marketing and Communications at Ken Research may be reached at query@kenresearch.com or by calling +91-124-4230204.
I love myBlogd
