The UAE projects market grew for the second year in a row in 2013 with the companies awarding more than 500 new projects during the period, according to regional project tracker Meed Projects.

The Emirati projects market, which exceeded all expectations in 2013 clocking $34 billion worth of contracts, was on track to hit the $40 billion-mark over the next two or three years, said Meed Projects in its report released on the eve of 'The Destination Dubai Conference' in Dubai.

The conference, being organised by Meed Events on January 28 and 29 at the JW Marriott Marquis, Dubai, will showcase the myriad of opportunities that are arising from Dubai winning the mandate to host the Dubai Expo 2020.
 
Meed pointed out that Dubai’s construction and infrastructure projects were the major drivers of UAE projects’ expansion between 2005 and 2008, with at least $20 billion worth of contracts being awarded in each of those years.

"This period was followed by a three-year slump in which the value of contracts struggled above $7 billion. Both 2012 and 2013 hit the $11 billion mark and the indications are that Dubai will average $20 billion a year for the next three years," the report added.

Furthermore, Meed Projects recorded more than 500 new projects in 2013, the biggest number of new projects created in any year since 2008.

This resurgence of positive sentiment returned to the UAE economy during 2013, culminating in the award of Expo 2020 to Dubai in November, it added.

"This is already translating into more announcements, more conceptual schemes and more awards," said Julian Herbert, the director of Meed Projects.

“The two months since the Expo announcement have seen media discussion of projects like the double-decker highway on the Sheikh Zayed Road and an 11 km boardwalk around the outside edge of Palm Jumeirah, unheard of since the recession. The World Islands project is also coming back to life,” stated Herbert.

“Confidence is returning particularly in the luxury residential, leisure, retail and hospitality sectors,” he added.

Herbert pointed out that such was the level of returning confidence that Meed Projects upgraded its expectation for 2014 contract awards for the UAE from $35 billion to $40 billion.

Colin Foreman, the editor of Meed, and Edmund O’Sullivan, the chairman of Meed Events, will be speaking at the two-day event while company representatives will be available to share info about the platform and how it can help businesses.-TradeArabia News Service