Around $72bn worth of construction contracts are due to be awarded in the Gulf by the end of the year, according to the organisers of a trade exhibition currently taking place in Dubai.
The research was part of the GCC Building Construction Industry Report 2010 and was unveiled at The Big 5 2010 exhibition, the largest building and construction exhibition in the region.
The report concluded that nearly a third of the contracts, or $23.5bn, will be awarded in the UAE.
Five key sectors, including retail, commercial, residential, tourism and leisure, were analyzed, with retail highlighted as the most promising sub sector for growth.
While the downturn in the region’s construction sector had resulted in “a difficult few years,” Andy White, event director of The Big 5, said the research “highlights a steady optimism for the industry, in the UAE and the region generally, and there has been a real buzz leading up to this year’s event.”
Looking forward to 2011 and 2012, the report concluded that construction spend would be mainly dominated by the government sector, due to the number of infrastructure projects moving to build phase and the continual development of Abu Dhabi’s 2030 programme.
The Big 5 takes place at the Dubai World Trade Centre from November 22 to 25.
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