Construction market unaffected by oil prices

22.06.2015
The non-oil sector has experienced positive growth during the first quarter of 2015, according to an announcement made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The UAE's construction sector reported production worth $81bn (AED295bn) in 2014, up from $42.2bn (AED155bn) in 2006.

This was according to an announcement made by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE; and Ruler of Dubai.

The ruler added ongoing work on "a large number of infrastructure projects, such as the expansion of national airports totalling $27.2bn (AED100bn), and building the Union Rail Network, a project worth $10.9bn (AED40bn), in addition to roads and transport projects, new and improved tourist facilities, electronic infrastructure, real estate, and financial services," are all expected to support growth expectations for 2015.

A key takeaway from Sheikh Mohammed’s announcement was his assurance regarding the UAE’s commitment to its economic diversification strategy, which, broadly speaking, focuses on expanding the country’s growth opportunities beyond the remit of oil operations.

“The non-oil sector has experienced positive growth during the first quarter of 2015,” Sheikh Mohammed stated in the note. “The continuing rise in government spending and investment and the increase in government and private capital, which amounted to $96.1bn (AED353bn) in 2014, also indicate continued strong growth in 2015."

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