UAE construction industry rises to new heights

The UAE construction industry is witnessing a fast track growth with a groove of on-going projects, investment into green open spaces, and the strong government support, a report from RNCOS analysts said the market, which was estimated at $39.4 billion (Dh144.6 billion) in 2012, is expected to grow at a compound annual growth rate of around 9.5 per cent during 2012-2016. Additionally, a new report released by EC Harris predicts that UAE’s construction market has returned to near full capacity, taking into account the UAE’s estimated real gross domestic product (GDP) growth, thriving industry sectors such as leisure and tourism, ability to raise debt funding, investment in major pipeline construction projects and construction tender price levels. Moreover, favourable government policies, such as permitting non-UAE national freeholds and leaseholds are attracting Foreign Direct Investment (FDI) in construction. An increasing number of foreigners are now focusing on acquiring properties across the country, thereby contributing to the growth of the construction sector. TIME OF OMAN