(MENAFN- Mid-East.Info) Massive 135% YoY Growth in Announcements and 47% YoY Growth in Awards Propels UAE construction Sector Forward.
Dubai, UAE – July 12, 2023 – The construction industry in UAE is experiencing an extraordinary resurgence, marked by remarkable growth rates and substantial project awards. Despite the challenges posed by the pandemic, recent announcements and awards have showcased the UAE's resilience, positioning it as a leading global construction hub once again.
According to the latest construction intelligence cited in BNC Projects Journal, the UAE has witnessed staggering 135% year-on-year (YoY) growth with AED 49.25 billion project announcements compared to AED 21 billion in the same quarter last year. Moreover, project awards have surged from AED 33.46 billion to AED 49.22 billion (an impressive 47% YoY), underscoring the significant investments being made in the country's infrastructure development.
Avin Gidwani, CEO of BNC Network, expressed his excitement about the UAE's construction industry revival, stating,“We are witnessing an exciting growth trajectory in the UAE's construction sector. These remarkable figures reflect the unwavering resilience and determination of the industry, positioning the UAE as a global leader in construction once again.”
In addition to the UAE's success, the GCC Energy Index has recorded a notable YoY growth of 46.7%, signaling the region's commitment to sustainable energy development. This growth highlights the UAE's preparations as the host of COP 28, where it aims to showcase its sustainability initiatives and contribute to healing the world.
The resurgence of the construction industry in the UAE, coupled with the significant growth in project announcements and awards, signifies the beginning of an exciting new chapter. Dubai, in particular, is at the forefront of this resurgence, with plans to undertake numerous sustainability projects and initiatives, setting an example for the world.
As Dubai gears up for a construction boom, reminiscent of its golden era, businesses and investors are eagerly awaiting the multitude of opportunities that lie ahead. The construction industry is bouncing back, and Dubai is ready to reclaim its position as a global powerhouse.
About BNC:
BNC is the largest project intelligence database company in the Middle East & Africa, offering an unparalleled solution for businesses operating within the construction industry. As a technology company founded in 2004, BNC's project intelligence services are deeply integrated with its unique and specialized cloud CRM system that automates the project sales process, making it a comprehensive and efficient solution for construction professionals across the world.
With over 37,000 live construction projects estimated at US$ 10.9 trillion, BNC's coverage spans 64 countries and 5 sectors including urban construction, oil & gas, transportation, utilities, and industrial. In addition to its extensive coverage, BNC also publishes the BNC Projects Journal, a quarterly construction report, and the BNC Bulletin, a daily construction newsletter received by over 68,000 professionals, cementing its position as the go-to source for companies selling to projects.