UAE currently has 11,334 projects valued at $272.7 billion under construction as of November end 2018, according to data from BNC Network, a construction intelligence platform.
Dubai has 4,792 projects under construction valued at $123.9 billion, Abu Dhabi has 1,653 projects under construction valued at $114 billion while all the other emirates (Sharjah, Fujairah, Ras Al Khaimah, Ajman and Umm Al Quwain) have 4,888 projects under construction valued at $34.8 billion. BNC Network informed.
"Even though there has been a decline in contract awards in 2018, the UAE has fared significantly better than its GCC neighbours and has held up the industry in these challenging times. The vision and economic fundamentals in the UAE are strong and with the resurgence of oil and gas spending by the Abu Dhabi National Oil Company [Adnoc], we are optimistic about 2019," Avin Gidwani, CEO of BNC Network, told Khaleej Times.
Construction contracts worth $38.3 billion were awarded in the UAE in 2018 (until November end). This only includes main, EPC and infrastructure contract awards. This compares to construction contract awards worth $44.6 billion in 2017.
Although tenders for most Expo 2020 national pavilions have already been issued, contractors are hopeful of getting more in 2019. Most of the big contracts for Expo-related infrastructure projects have also been already awarded. The contracts for many of the individual pavilions have also been awarded but there remains some opportunities for interiors. Read More...