$15 billion contracts likely in UAE this year
Abu Dhabi, February 26, 2012
New research has revealed that 2012 will see $15.068 billion worth of contracts awarded in the United Arab Emirates (UAE), an increase of 26.57 per cent from last year.
The latest figures from research specialists Ventures Middle East have been released in the build-up to World ecoConstruct, featuring Infrastructure Arabia Summit, the pioneering industry event taking place from April 22-25 at the Abu Dhabi National Exhibition Centre, said a statement from the organisers.
The total value of current UAE construction projects is $1.249 trillion with buildings accounting for $871.6 billion, energy (oil and gas, petrochemicals, power and water projects) $190.9 billion, and infrastructure (roads, bridges, rail, sewerage, wastewater and marine) projects amounting to $187.2 billion, it said.
Across the GCC, sustainable building projects spearhead the growing real estate construction boom, said the statement.
Masdar City, an emerging low-carbon, low-waste global clean-technology development in Abu Dhabi is a leader in this and aims to become one of the world’s most sustainable cities in the world powered by renewable energy.
Elsewehere, construction on the $60 billion Sustainable Economic Cities of Saudi Arabia has begun across the kingdom, while Energy City in Qatar and Sabah Al Ahmed International Finance Centre in Kuwait both place major emphasis on the use of green building technology.
Tsitsi Lynn Makuni, exhibition director of World ecoConstruct, said: “The latest figures illustrate that the Middle East continues its aggressive development plans. The Abu Dhabi Executive Council has approved spending on the new billion dollar airport terminal, a metro system, two industrial zones, more than 20,000 new homes, 14 new hospitals and 24 new schools.”
Associate exhibition director Marie-Eve Cote added: “One of the keys to solving global environmental issues is an increased collaboration between leading construction material producers and those charged with creating, and delivering, a low carbon future environment.”
World ecoConstruct, a crucial collaboration between Abu Dhabi’s two leading building and construction events, CityBuild and Arabian Construction Week, is the region’s only dedicated exhibition focusing on sustainable design and construction for the built environment.
Co-located with the 6th edition of Cityscape Abu Dhabi, the event provides a crucial sourcing and knowledge platform for the billions of dollars committed to major projects within Abu Dhabi and the surrounding region. Together the events attract more than 30,000 visitors, said the statement. –TradeArabia News Service