(MENAFN- Khaleej Times) With most economic indices showing a growth projection for the UAE construction industry, there is a renewed interest in the country's building materials sector. In two years the global market for building material is expected to cross a whopping $700 billion.
In the UAE and other GCC countries the growth in the building materials sector is expected to be driven by huge ongoing and future investments in public infrastructure that includes new developments like airport extensions, seaports, industrial and trade free zones, and public amenities. The UAE specially is witness to resurgence in the construction industry leading to a rapid development of building infrastructure in the country. Curiously, real estate and construction account for about 21 per cent of GDP, according to the Dubai Department of Economic Development. Furthermore, the UAE construction industry is driving growth with investments into green open spaces and strong government support with an expected growth rate of 9.5 per cent between 2012 and 2016. Since the UAE is a lucrative market for building materials, including cement, iron, steel, aluminium, ceramic tiles, marble, glass and fabricated steel, the country imports large quantities of pipes, insulating products, sanitary ware and accessories, electrical fittings and furnishings. Interior designing is also doing very well in the country. With the UAE having the largest interior market in the Middle East and North Africa (MENA) region, the market is expected to grow by about 6 per cent annually as per new reports. Along with the hospitality sector, financial institutions are the most prominent sectors spending on design.
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