UAE tops GCC nations in construction projects

The total number of projects underway in the UAE is worth around Dh.3.1trillion, the study conducted by the Kuwait National Bank said.

The total value of property construction is four times higher than that estimated four years ago, and reflects an annual growth rate of about 50 percent.

About 81 percent of projects in the UAE are from the construction sector, and this indicates that the country has exceeded all GCC states in terms of total value of projects.

Even Saudi Arabia has a large series of non-construction projects worth about $224billion. There are several strategic industrial projects on the way in Saudi Arabia, as the country strives for diversification.

Recent reports in the UAE reveal that recovery after the global economic recession is likely for property and construction sector.

Memon Investments is one such company that has continued construction of its projects, despite the economic recession. The project portfolio of the company constitutes Dh.1.34 billin worth projects such as the Champion Towers series, Gardenia I and II, Frankfurt Sports Tower I, and the commercial project, the Cambridge Business Center.

The Managing Director of Memon Investments, Ahmed Shaikhani, says “The strong standing of the UAE in the construction sector, indicates the capacity of its developers to proceed with construction of launched projects, despite the challenges brought about by the economic recession.”

Posted on 25/8/2009

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