The preparations for Expo 2020 are acting as a catalyst for growth in the construction sector in Dubai, according to the Coface economic report.
“Despite lower energy prices, Abu Dhabi and Dubai will continue to invest in infrastructure projects which could attract private developers to the area”, Seltem Iyigun, Coface Mena economist, wrote in their latest report.
“The outlook for construction remains positive though the wider economic slowdown is weighing on the sector,” he added.
A total of 7,800 residential units were delivered in Dubai during 2015, compared with the scheduled delivery of 25,000 units estimated by developers at the start of the year.
Although the hydrocarbon sector remains the backbone of the UAE’s economy, the large contribution made by non-hydrocarbon activities to gross domestic product is mitigating the effects of lower energy prices on economic growth. More info
By Staff www.emirates247.com