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FINANCIAL NEWS
UAE to implement USD212b construction projects
11 May 2014
(MENAFN) As part of the UAE plan to improve its infrastructure, it has already started working on USD212 billion worth construction projects, according to the Emirates 24/7.
The Emirates” government has started the pre-tender phase of projects worth USD25.3 billion.
Business Monitor International said: “We have logged $313bn (Dh1.14 trillion) of construction projects in our Key Projects Database across the infrastructure, residential and non-residential construction sectors. About $212bn of this figure is related to projects currently under construction ” many of which have entered or re-entered that phase over the end of 2013 and H1 2014.”
UAE plans solid growth in construction industry in 2014 as 2013 saw the reactivation of numerous delayed projects and the award of many new ventures.
BMI said: “We also note the risk of the “funding cliff” within Dubai”s financial sector is being addressed and we do not expect there to be a dramatic tightening of liquidity over the coming year. We have also upgraded our medium-term growth forecasts in light of Dubai winning the 2020 Expo.”
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