Dublin, June 13, 2024 (GLOBE NEWSWIRE) -- The "United Arab Emirates Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units), Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The construction industry in United Arab Emirates is expected to grow by 6.2% to reach AED 189,591 million in 2024, growing steadily over the next four quarters. The growth momentum is expected to continue over the forecast period, recording a CAGR of 5.2% during 2024-2028. The construction output in the UAE is expected to reach AED 232,028.9 million by 2028.
The United Arab Emirates construction industry is expected to record strong growth in 2024. Increased government spending on different projects, including energy and housing, will aid the sector's growth over the medium term. Abu Dhabi, in Q1 2024, approved infrastructure projects worth US$18 billion. From housing to education and tourism, several projects have been announced, as part of the US$18 billion spending.
The residential market is projected to lead the sector growth over the medium term. Alongside the projects announced by private developers, including those offering luxury units, the affordable housing policy announced by the Crown Prince will also support the growth of the sector in 2024.
Abu Dhabi approves several infrastructure projects worth US$18 billion in Q1 2024
The consistent spending on various infrastructure projects has been the major growth driver of the construction market in the Emirates. This trend is poised to continue further over the medium term, with Abu Dhabi announcing a spending of US$18 billion or Dh 66 billion on 144 infrastructure projects, including housing, education, and tourism.
- Of this, more than Dh 59 billion will spent on housing and public facilities construction in the Emirate. Nearly 13,000 homes are planned to be built in Abu Dhabi, Al Ain, and Al Dhafra. Nearly Dh 4 billion has been allocated towards education and human capital projects. This also includes funding for renovations and expansion of school and training facilities. Over Dh 1.1 billion has been made available for tourism development in the Emirates.
Further projects are in the pipeline that seek to support early childhood learning and workforce development. These construction projects are projected to support the broader construction market over the medium term in the United Arab Emirates.
The residential construction sector is poised to lead the growth of the broader market in 2024
The Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed, has given the go-ahead for the Yas Canal project at Al Raha Beach. The US$953 million worth of construction project will offer 1,146 villas for citizens. The project is slated for completion in Q4 2027.
- The Abu Dhabi Housing Authority will lead the construction project in collaboration with the Abu Dhabi Centre for Projects and Infrastructure and the ICT Real Estate Development Company. Spread over 1.8 square kilometers, the construction project will feature villas, three mosques, a school, and a gym. Furthermore, there will be amenities and shops spread across a one-hectare area.
- Aqua Properties, in December 2023, announced two construction projects valued at US$817 million in Dubai over the next six months. One of these projects involves the construction of a 50-storey tower along Sheikh Zayed Road, while the other includes the development of a 300,000-square-foot plot. Having already finished four residential and commercial ventures in the UAE,
Aqua Properties currently has three more projects under construction. In Q1 2024, the firm has set a target of delivering more than 500 residential and commercial units.
These projects, coupled with the affordable housing policy in Dubai, mean that the residential construction market will lead the growth of the broader construction industry over the medium term in the UAE. The Crown Prince, in March 2024, approved the affordable housing policy that is aimed at facilitating over 100 innovative initiatives in its initial phase.
EGA has begun construction of the biggest aluminum recycling facility in the United Arab Emirates
Emirates Global Aluminum (EGA), in November 2023, announced the beginning of construction activities for the largest aluminum recycling plant in the United Arab Emirates. This facility, capable of processing 170,000 tonnes of aluminum per year, will be located next to EGA's existing smelter in Al Taweelah.
- The plant's purpose is to recycle post-consumer aluminum scrap, including items like used window frames, as well as pre-consumer scrap from extrusion production, into premium aluminum billets with low carbon content. These billets, branded as RevivAL, will be of high quality and environmentally friendly.
Once operational, the plant will cater to both local and global markets. The project is slated for completion over the next three years. Currently, a significant portion of aluminum scrap generated in the UAE is exported for processing elsewhere, resulting in economic loss for the nation. With the new recycling plant, EGA aims to become the largest consumer of aluminum scrap in the UAE, thus keeping the economic benefits within the country. Such industrial construction projects will lend growth support to the broader market over the medium term.
This market intelligence report provides a detailed view of market opportunities in the building and infrastructure construction industry at country level. With over 100+ KPIs, covering growth dynamics in building construction, infrastructure construction, construction cost structure analysis and analysis by key cities in UAE, this databook offering primarily provides data-centric analysis with charts and tables.
Report Scope
This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2019 - 2028 in United Arab Emirates.
KPIs covered include the following:
- Market size by value
- Market size by volume of construction
- Number of units
United Arab Emirates Economic Indicators
United Arab Emirates Top Cities Construction Data
United Arab Emirates Residential Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
- Housing type (multi family, single family)
- Key cities (Tier - 1, Tier - 2, Tier - 3 segmentation)
- Price point/income level (luxury, mid-tier, affordable)
- Construction stage (new construction, re-development & maintenance)
United Arab Emirates Residential Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
- Green building by Housing type (multi family, single family)
- Green building by Key cities (Tier - 1, Tier - 2, Tier - 3 segmentation)
- Green building by Price point/income level (luxury, mid-tier, affordable)
United Arab Emirates Commercial Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
- Office (further broken down by Grade A, Grade B, and Grade C)
- Retail (further broken down by Grade A, Grade B, and Grade C)
- Hospitality (further broken down by Grade A, Grade B, and Grade C)
- Restaurant (further broken down by Grade A, Grade B, and Grade C)
- Entertainment
- Sports facility
- Other commercial building construction
- Construction stage (new construction, re-development & maintenance)
United Arab Emirates Commercial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
- Office green building construction
- Retail green building construction
- Hospitality green building construction
- Restaurant green building construction
- Entertainment green building construction
- Sports facility green building construction
- Other commercial green building construction
United Arab Emirates Industrial Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units)
- Manufacturing Plants building construction
- Chemical & Pharmaceutical building construction
- Metal & Material Processing building construction
- Construction stage (new construction, re-development & maintenance)
United Arab Emirates Institutional Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
- Healthcare construction
- Educational construction
- Other building construction
- Construction stage (new construction, re-development & maintenance)
United Arab Emirates Institutional Green Building Construction Coverage: 10-year market size & forecast in value and volume (area and units) terms by
- Healthcare green building construction
- Educational green building construction
United Arab Emirates Infrastructure Construction Sectors: 10- year market size & forecast in value terms by
- Marine and inland water infrastructure
- Utility system construction (oil and gas infrastructure, communication infrastructure, power infrastructure, water and sewer infrastructure)
- Transportation infrastructure (highway, street and bridge construction, railway construction, airport construction, and tunnel construction)
- Construction stage (new construction, re-development & maintenance)
United Arab Emirates Green Infrastructure Construction: 10- year market size & forecast in value terms
United Arab Emirates Construction Cost Structure Analysis: 10- year market size & forecast in value terms
- Cost Analysis by Type (Material, Labour, Equipment, Others)
- By Material & Work Cost: It provides the cost outlook of material costs by type of materials used in construction (Cement, Steel, Sand, Aggregates, Bricks, Wood, Windows Glazing, Flooring, Plumbing, Electrical, Painting, Other Materials)
- By Labour Cost: It provides the cost outlook of labour costs (RCC Construction Work, Masonry and Plastering Work, Plumbing Work, Water Proofing Work, Carpentry Work, Electrical Work, Tile Fixing Work, CATV Antenna Points, Painting Work, Departmental Labour)
- By Type of Construction (New, Re-Development)
- By Material Cost: It provides the cost outlook of material costs by type of materials used in construction (Concreting Sand, Stone Aggregate, Ordinary Portland Cement, Reinforced Concrete (Grade 30 MPA), Reinforced Concrete (Grade 40 MPA), High Tensile Steel bars, Mild Steel Round Bars, Structural Steelwork, Plywood Formwork (1800*900*12mm), Clay Bricks)
- Type of Labour (Skilled Vs Unskilled)
For more information about this report visit https://www.researchandmarkets.com/r/ea2dw2
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
