With so many projects in the pipeline, local contracts have had a busy first half of the year. However, with so many still lined up, there should be enough work to keep the momentum going through the latter half of the year, Gulf News reported.
Market sources suggest there was little to suggest that project promoters were having second thoughts on delaying the construction timelines just because the property market had hit a sift spell. “Saudi Arabia and Kuwait have seen delays, but not in the UAE, and certainly not on a scale that should have the industry worried,” said Bharat Bhatia, CEO of Conares, the privately owned manufacturer of steel bars and rods. “There’s still enough capacity on the contractor’s side that remains to be absorbed, which also gives some leeway to take on new projects in the second half of the year.”
Damac Properties recently confirmed that it had issued project awards of more than AED2.5 billion in the first five months. “There’s more coming through at both of our Akoya projects, some of which are extremely design and build intensive,” said Niall McLoughlin, Senior Vice-President. “These days the earlier a developer gets to have his contractor on site, the better it is for the project’s chances.”