By Karen Leigh
Total value of all construction projects in the UAE capital is currently $562.8bn
The construction industry in Abu Dhabi saw $35.5bn contracts awarded in 2010, counting for 66 percent of the value of all contracts awarded in the UAE last year.
Consultancy firm Ventures Middle East said the contract amount for 2011 will reach $39.8bn, up 12 percent.
The total value of all construction projects in the emirate is currently $562.8bn.
By sector, buildings contribute $304.4bn to the total value of construction projects and energy – including oil and gas, petrochemicals and power and water projects - add $129bn.
Projects in infrastructure, including large road, bridge, rail, sewerage, and marine projects, account for $129.3bn.
“Despite the global recession, Abu Dhabi has continued along a sustained path of development in its infrastructure and economic diversification,” said Chris Speller, Group Director of Cityscape and CityBuild Abu Dhabi.
“This has resulted in increased investment in the construction industry, and as we are witnessing, a positive growth in new project contracts being signed.”
With the population of Abu Dhabi expected to grow to between three and five million by 2030, the government has earmarked $15bn for expansion of infrastructure projects between 2009 and 2012, to meet water, power and sewage demands.
Additionally, the government’s focus on developing its tourism sector, along with the Department of Transport’s $68bn budget toward developing its share of building urban infrastructure, bodes well for the construction industry.