More than AED 30 bn spent on new projects since the beginning of 2016 in Dubai

31.05.2016
Annual financial forecast by Deloitte have counted all the biggest Dubai real estate projects launched in 2016. Click to find, how much more Dubai developers are willing to spend on new projects in Dubai and GCC countries.

According to the annual report by Deloitte, entitled “GCC Powers of Construction 2016: The funding equation”, in the first few months of 2016 Dubai developers awarded a number of important contracts to general contractors amounting to AED 30 billion (USD8,29 billion) in total for the construction of new large-scale projects.

Among the largest construction contracts awarded since the beginning of 2016 in Dubai there are Royal Atlantis hospitality and residential complex on the Palm Jumeirah, and the first tower of the Dubai Creek Harbour project, as well as a Palm Gateway complex of three towers at the entrance to the manmade island.

Other no less important for Dubai projects imperceptibly but surely transforming it into a true "future city", with comfortable infrastructure will be the tallest commercial tower Burj 2020 with multifunctional complex near it, as well as Route 2020, a new Dubai metro link, which is to link the existing Red line and the Expo 2020 line.

Deloitte also named the previous year 2015 a rather good year for the entire construction industry in the region, if considering historical trends. In 2015, total construction awards across the Gulf Cooperation Council countries amounted to AED 605 billion. Construction again didn’t fail to become the most invested sector of the region, including the UAE, with transport system taking the second rate, primarily as a result of major investments in railways and metros. Power and water sectors tend to be stable over the years reflecting demand driven by population growth, which, on an appropriate scale, is reflected in the projects coming out in the UAE.

The 2016 forecast for the whole Dubai and the UAE real estate industry from Deloitte is mostly positive. The activity in the construction sector will remain the same, which ensures further growth.

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