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FINANCIAL NEWS
UAE construction industry to grow 20% annually
13 Jun 2010
(MENAFN) A research report issued by RNCOS forecast that the UAE construction industry will grow by an annual rate of nearly 20 percent between 2010 and 2013, Saudi Gazette reported.
According to the report, the country has drawn investments from all around the world. Most of the investments are mainly focused on the development of infrastructure for tourism, hospitality, retail and healthcare industry.
UAE?s construction industry managed to record strong growth during 2007-2009 and contributed approximately 8 percent to the country?s gross domestic product (GDP) in 2009, the report noted.
The country has witnessed massive investment in the construction industry from both public and private enterprises in recent years. It outpaced Saudi Arabia and became the largest construction market in the GCC region in 2008.
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