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FINANCIAL NEWS
Emirates projects’ awards increase in Q1 to 42.6%
29 Apr 2017
(MENAFN) In the first quarter of current year, UAE’s projects had granted 42.6% quarterly, as Dubai and Abu Dhabi had posted significant growth.
In details, the value of projects was more than the previous two-year trend, and up by 2.1% year-on-year, while constructions projects continued to dominate total awards up 25.6% and it posted an increase in oil and power projects.
However, as projects linked to Expo 2020 in Dubai is under construction, real estate and retail continued to dominate awards in the quarter.
Monica Malik, Chief Economist of Abu Dhabi Commercial Bank had said: “The outlook for UAE project awards for the remainder of 2017 looks robust given the number of projects close to being awarded. Notably, $3 billion of projects have already been awarded in the second quarter. A strengthening in investment activity is largely behind our stronger real non-oil GDP growth outlook for 201.”
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MENAFN2904201700450000ID1095431220
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