According to the most recent construction intelligence mentioned in BNC Projects Journal, UAE has experienced a startling 135 percent year-over-year (YoY) growth with Dh49.25 billion in project announcements compared to Dh21 billion in the same quarter the previous year.
“Despite the challenges posed by the pandemic, the construction industry in the UAE is experiencing an extraordinary resurgence,” it said in a statement. “This remarkable growth, along with significant project awards, demonstrates the UAE’s resilience and reestablishes its position as a leading global construction hub.”
The study cites a jump in project awards from Dh33.46 billion to Dh49.22 billion as evidence of the enormous investments being made in the nation’s infrastructure development.
“We are witnessing an exciting growth trajectory in the UAE’s construction sector,” said Avin Gidwani, CEO of BNC Network. “These remarkable figures reflect the unwavering resilience and determination of the industry, positioning the UAE as a global leader in construction once again.”
Additionally, the GCC Energy Index has seen a significant YoY growth of 46.7%, demonstrating the region’s dedication to the development of sustainable energy sources.
According to the research, Dubai stands at the forefront of this revival with its ambitious intentions to carry out several sustainability projects and initiatives. Businesses and investors are looking forward to the wide range of opportunities that will be presented as the emirate gets ready for a construction boom reminiscent of its golden age.