Following a sombre and sluggish period for the Dubai construction industry, there is much anticipation surrounding 2017 and the forecasted revival of the market. With volatile oil prices having impacted heavily on construction in the GCC, the second half of the year in particular looks set to experience an encouraging resurgence in market performance in Dubai, and moderate performances elsewhere.
“We are expecting to see positive growth (in the construction sector) within Dubai of 4-5 per cent towards the end of 2017 and this will continue to grow leading up to the Expo 2020,”....
.... “There is a slowdown in activity within Abu Dhabi ... however, other emirates are performing at a steady pace. We have seen a stronger activity emerging in Ras Al Khaimah and Fujairah. We believe the first-half of 2017 will be more or less aligned with the second-half of 2016. We should see a stronger pick up in contract awards ... but not until the second half of 2017".
said Niall Greene, Managing Director Middle East at Linesight.
Although significant challenges, such as payment delays, remain within the industry in the region, the mood in Dubai is positive. The industry is looking ahead to Expo 2020, and the associated opportunities that can be leveraged to their full potential.
Read the full article from Gulf News here.