Dubai, UAE: New construction contractor awards in the UAE are estimated to be worth US$24.7 billion in 2021, as the Gulf country paves the way for a post-covid rebound on the back of increased government expenditure and a fresh injection of foreign investment.
According to a September 2021 report by projects intelligence platform Ventures ONSITE, the UAE has launched several measures to attract investment and foreigners. The International Monetary Fund (IMF) increased the UAE’s economic growth forecast for 2021 to 3.1 percent crediting the country’s measures in handling the Covid-19 pandemic.
In the UAE, buildings such as residential, commercial, airports, sports facilities, hotels and recreational facilities, healthcare, and education, hold the lion’s share of new contractor awards in 2021, valued at US$12.6 billion.
This is followed by the oil & gas sector (US$8.4 billion) power & water construction projects (US$2.2 billion), and infrastructure, which includes roads, bridges, railways, and ports (US$2 billion).
Major UAE projects to be awarded this year include Yas Living in North Yas Abu Dhabi, the Belbazem Oil Field Development, the Optimum Shah Gas Expansion (OSGE), and Dubai’s MAG City (District 7 in Meydan City), with 546 townhouses.
Ventures ONSITE’s report was prepared exclusively ahead of the Hardware + Tools Middle East 2021 trade fair, which takes place next week from 28-30 September at the Dubai World Trade Centre.
The three-day event is the Middle East’s only dedicated exhibition for tools, hardware, materials, equipment and machinery, held in partnership with Zhejiang International Trade Exhibition (Dubai) from China, organised by the Department of Commerce of Zhejiang Province.
Zhejiang International Trade Exhibition will bring a large contingent of around 50 exhibitors eager to re-engage with distributors, retailers, exporters, importers, contractors, fabricators, consultants and professionals in the construction and industrial sectors.
“The UAE has launched several measures to attract investment and foreigners to the country and its covid-19 response strategy has injected renewed confidence in the construction sector, which in turn has a direct impact on demand for the latest tools, hardware, materials and machinery,” said Dishan Isaac, Senior Show Manager for Hardware + Tools Middle East.
“Whether it’s in the industrial, infrastructure, commercial, buildings, or energy sectors, investment is now fast-flowing, and Hardware + Tools Middle East will reprise its role as a key networking event serving the industry that brings together the majority of trade buyers and professionals engaged in the construction sector.”
“This year the event will comprise a hybrid format, so visitors that cannot attend the event in-person can still discover products virtually, receive direct assistance from exhibitors onsite, as well as connect with suppliers,” added Isaac.
An entirely virtual Hardware + Tools Middle East will also run from 3-8 October 2021 to extend the business networking capability for exhibitors and international online delegates.
The three-day event, organised by Messe Frankfurt Middle East, will be co-located with Light Middle East, the region’s dedicated exhibition and conference for architectural lighting design and technology.