Development projects worth $212 billion are under construction in the UAE. The information hails from the Q2 2014 update of Business Monitor International. The company expects the UAE construction sector to return to its former glory, later in 2014.
While reporting the glad tidings, the company also raised the concern that of the $212 billion construction projects, only $25.3 billion are in the pre-tendering or tendering phase and deemed this as worrisome for the sustainability of UAE’s real estate sector.
The company foresees 2014 as the year in which the construction industry of the emirates returns to its solid growth. The reason for this prediction is termed to be the reactivation of numerous delayed projects in 2013. The return of investors’ interest is another solid factor contributing to the solid growth of the emirate.