Construction Industry in the Emirates: Massive Growth Propelling the UAE Economy Forward!
The UAE often gets termed as the most economically forward nation in the entire Middle East. It stands true to quite an extent, considering the employee satisfaction rates in every industry, which have drastically improved during the last few years.
In the last article, we discussed about how the healthcare sector in the seven emirates is becoming increasingly efficient by the day. Recruiting more and more expats with numerous openings to be witnessed in the coming years as well, there’s so much that any skilled individual in the field can look forward to, if in the UAE.
However, this time we take a halt and reflect upon the growth as seen in the real estate and construction industry in the region. Projected to grow at a rate of 9.3% during 2015, there’s much a skilled worker can find in the bosom of Emirati economy.
The Upbeat Growth
This steep ascent as made quite clear by the numbers, can majorly be attributed to the hefty spending being made on the mega infrastructure and tourism investments. In 2014 itself, the total investments as seen by the sector totaled up to AED 145 billion, with the number being as high as AED 155 billion in 2015.
Different corporations and government headed enterprises have a great role to play in the same, with money as big as AED 30 billion being chipped in for the development of tourism and hotel industries, eventually redirecting to the growth of real estate in the UAE. In addition to this, the introduction of grand ventures in Dubai, which hosts that forthcoming World Exposition, has definitely increased the employment options in all seven emirates for the skilled to avail.
Dubai Sees Rise in Business Activity Too
All private firms working in the real estate and construction sphere have seen a strong rise in the recent business activity. With figures being moderated during the first two quarters of 2015, a number of corporations grew cautious over the staffing numbers, hence making specific hires for every candidate interviewed.
Apart from all conventional reasons, growth has majorly been seen due to the increasing number of marketing initiatives taken up by corporations that have gone successful. To be specific, price discounting strategies in various projects across the emirate is something that has enticed buyers and investors in heaps and loads.
Abu Dhabi Makes a Run for it as well
The regime in Abu Dhabi is no less in putting in efforts for the emirate’s budding construction sector. A newly launched database containing information about all the real estate growth that has taken place in the emirate is expected to better the land management and planning efforts for every new project here.
However, the emirate has had an accuracy of 75%, as far as details of various commercial and residential projects are concerned. The best part is that aren’t any cancellations expected for the strategic projects taken up by the government of the UAE. However, the database would typically include commercial, hospitality, retail as well as residential units. Right from the land area uses, start and completion date, to the construction status, cost and area of each unit, everything will be covered by the database.
This for sure would better the communication between the Urban Planning Council (UPC) and the country’s government, apart from the wide variety of jobs that would any day call for immense competition from all across the globe.
There is so much that you can look forward to in the UAE, if working in the construction industry is all you desire. It’s just a matter of undergoing the right market research and being time efficient.