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Mon 27 Nov 2017 05:34 PM

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Dubai construction projects worth $812bn in November

A new report from BNC Network says that the UAE accounts for 52 percent of all active projects in the GCC

Dubai construction projects worth $812bn in November

The combined value of 11,755 active construction projects ongoing in November is over AED 3 trillion ($818.2 billion), according to a new report from research and intelligence provider BNC Network.

According to the report, the figures make the UAE the largest construction market in the Middle East and North Africa.

“The UAE’s 11,755 construction projects constitutes 52 per cent of 22,680 active construction projects in the GCC and in terms of value, these projects account for 33.6 per cent of the total estimated value of the GCC construction projects, worth AED 8.91 trillion ($2.43 trillion),” said BNC networks CEO Avin Gidwani.

“The UAE’s futuristic and visionary leadership is determined to utilise the current resources in their best abilities to build a much better and more sustainable economy that will serve the country’s future generations well,” he added.

Of the 11,755 active construction projects, 9,972 are urban construction projects with a combined value of Dh1.97 trillion ($537 billion). These projects constitute almost 85 percent of the UAE’s construction projects.

In terms of value, however, the urban construction projects represent 65.66 percent of the total value of ongoing projects in the UAE.

The value of the 533 utilities projects reached AED 343.51 billion ($93.6 billion), according to the BNC report, while the total value of 493 transport projects reached AED 320.75 billion ($87.4 billion).

“In the third quarter of 2017, a total of 138 projects with a combined estimated value of Dh75.9 billion ($20.7 billion) were announced in the UAE. Once completed, all these projects will change the face of the UAE’s urban infrastructure and overall economic landscape,” Gidwani added. “More than 1,000 active projects with a combined estimated value of Dh52 billion ($14.2 billion) were completed during the third quarter of 2017.”

The number of active projects in the UAE rose one percent from September, while the total estimated value increased by 2 percent.

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