New Delhi, June 22, 2016: Ken Research announced its latest publication on, “Institutional Construction in the UAE to 2019: Market Forecast” which provides a detailed analysis of the UAE Institutional Construction industry. Category-wise coverage of different segments in the industry is also included in the report. The projects launched by the government for enhancement of the sector are explained in the report. The report enables the reader to interpret future outlook on how the market will shape up by the end of this decade.
The UAE construction industry is the third largest industry in the country after oil and trade. It is one of the fastest growing economies and has one of the largest construction industries in the Middle East. Construction sector contributed 11.1% to the UAE’s GDP in 2015 and is expected to contribute even more in the coming years. The key growth drivers in the construction industry are public sector investments in energy, communications and transport infrastructure.
In 2013 the Bureau of International Expositions (BIE) announced Dubai as the host city of the World’s Trade Expo 2020. As a result increased spending on infrastructure will drive growth in the UAE’s construction industry. Overall the UAE has a low level of growth in institutional construction compared to residential and commercial construction. Although Abu Dhabi has seen progress in two important healthcare projects, the Cleveland Clinic and Al Mafraq New Hospital, which will together provide over 1000 new beds for the capital.
Global Institutional Construction Market
A number of international construction companies operate in the UAE construction market which is open for the involvement of international private sectors. The emerging markets are to forecast a faster growth in construction industries than the developed economies. At the global outlook, residential construction is forecasted to remain as the largest share in the construction market.
Corporate Comm India (CCI Newswire)