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Value of UAE building contracts falls 58% in 2009

05.10.2009 by Andy Sambidge

 

 

A total of 213 building and infrastructure contracts valued at about $26.5bn were awarded in the UAE during the first three quarters of 2009, it was reported on Monday.

 

According to statistics released by construction industry research portal Ventures Middle East, the number of contracts decreased by 58.2 percent compared to the previous year.

 

In comments published by Emirates Business, Mibu John, syndicated research director at Ventures Middle East, said the construction industry would witness a minor upturn during the last quarter of this year.

 

"Given the current economic condition across the globe and in the UAE, the movement has been quite positive so far. Dubai, which performed phenomenally during 2008, was affected during most of this year," he told the paper.

 

Abu Dhabi will exceed Dubai in terms of number of contracts and value in the next 16-24 months, he added.

 

While contracts in Abu Dhabi made up about 27 percent of the total number awarded during the first three quarters in 2008, this figure increased to 38.4 percent this year, he said.

 

"The value and number of projects are on the rise as far as Abu Dhabi is concerned and by 2010 and 2011 Abu Dhabi is going to overtake Dubai," John said.

 

Source: www.constructionweekonline.com


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