The construction industry in the United Arab Emirates (UAE) is expected to rebound in 2021, growing by 3.1% in 2021, following a decline of 4.8% registered in 2020, according to a new report by ResearchAndMarkets
The industry is then expected to expand at an annual average of 3.8% between 2022 and 2025.
The approval of a new Dubai Building Code is a positive development; the new code outlines a revised set of construction rules and standards and seeks to reduce construction costs by streamlining building rules.
The UAE announced in August 2020 that it will deliver a three-stage ?flexible package? of measures to strengthen the economy, including steps to support the labour market and support investment.
The medium-term outlook still looks promising, as the government continues with its infrastructure plans, given various government initiatives such as the Energy Strategy 2050, the Sheikh Zayed Housing Programme and the Dubai Tourism Strategy.
Infrastructure projects are a major part of the UAE?s economic expansion, as not only the emirate, but the overall Gulf Cooperation Council (GCC) region, still has huge infrastructure needs, as it seeks to build efficient transport and logistics networks as well as reliable supplies of clean energy. Also, Israel and the UAE have reached a historic deal to normalise ties opening up investment opportunities, where the countries agreed to develop a joint strategy to boost co-operation in the energy sector.
For more information about this report visit www.researchandmarkets.com/r/iog97f
