Industrial Construction in the UAE to 2019: Market Forecast – openPR
The construction sector can be broadly classified into five categories: Commercial, Industrial, Infrastructure, Institutional and Residential.
The reasons for this growth can be attributed to various macroeconomic factors conducive to the construction sector.Key Macroeconomic Trends Driving Growth in UAE Industrial Construction SectorUAE is one of the most diversified economies in the Gulf region.
Looking at the Middle East, UAE can be seen as one of the fastest growing economy, with its construction industry ranked third among the construction industries of the Middle East countries.
The construction industry is third largest economic activity after oil and trade, in the UAE, including approximately 6000 companies with most of the construction activities taking place in Abu Dhabi and Dubai.
The industry’s output value in real terms is forecast to rise at a CAGR of 6.52% in the next five years period; up from 3.55% during the period 2010-2014.The promising future of the construction industry can be seen by observing its past trend.