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Construction work on more than $12 billion worth of stalled projects in the UAE had resumed over the past 18 months, underscoring the strong resilience of the economy driven by increasing investor confidence.
The pace at which stalled projects resumed construction activity has increased since Dubai won the right to host the Expo 2020 as positive sentiment returned to the UAE real estate market, according to Meed Projects.
In 2013, more than $23 billion worth of projects were awarded in the construction sector, 55 per cent of which were for mixed-use or residential developments. The volume of projects awarded made 2013 the second best year for project awards since 2008, a strong sign of the UAE?s strengthening economy, it said in a report.
The fast revival of the construction sector in the UAE is in line with a general upswing in building activities across the GCC. In 2013, the GCC civil construction market showed signs it had returned to growth last year with a total of $59 billion worth of contracts awarded.
Another report by Meed estimates the value of live civil construction projects to be just over $1.3 trillion, with $935 billion in execution including long-term mega projects, $81 billion out to tender, $211 billion in design phases and $136 billion under study. This estimate excludes schemes on hold or cancelled.
According to Zawya project tracking data compiled in November 2013, around $3.45 trillion worth of projects are in the design, bid or construction stage until 2025 in the GCC.
Julian Herbert, director of Meed Projects said 2013 showed some of the most promising growth in the construction sector since 2010, with especially strong figures in the residential and mixed-use sector of the industry.