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 for the Hardware + Tools Middle East 2021 trade fair, which opened today (28 September 2021) 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 Fair (Dubai) from China, organised by the Department of Commerce of Zhejiang Province.
Zhejiang International Trade Fair has bought 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.
“We’re optimistic about the renewed positive sentiment that prevails in the regional hardware and tools market, and this is borne out by not only a resurgent construction sector, but by Dubai’s position as a key trading partner for this segment with global economic powerhouses such as China” said Dishan Isaac, Senior Show Manager of Hardware + Tools Middle East.
“The continued growth in the consumption of steel in the region has also led to a corresponding rise in demand for quality steel fabrication and metal working tools and systems, which this year has become a special focus at Hardware + Tools Middle East.
“We’re delighted to partner with Zhejiang International Trade Exhibition for this edition of the show, and we look forward to continuing this association for many years ahead as we grow and build together.”
Headline exhibitors this week from China include Wenzhou Join Electric, Auarita, Wendar Enterprise, Wuyi Baisheng Instrument, GSfixtop, Hont Electrical, Tool Talker, Cumet, Jinhua Jusen Garden Machinery, Ningbo TMG Tools, Wushi Locks, Matt Tools, and Juli Webbing.
The product range on offer covers the entire gamut of tools and machinery, from air compressors, pneumatic, hydraulic and power tools, automotive tools and garage equipment, welding and cutting machines and consumables, to CNC cutting machines, light construction machinery, and wood working machines.
Mr. Han Jie, Deputy Director General, Department of Commerce of Zhejiang, said: “We consider the UAE and other GCC markets important since a lot of Industrial development is taking place in this region and the demand for high quality machinery will grow in the coming years.
“The Department of Commerce of Zhejiang Province is delighted to back in Dubai again in a physical in-person trade fair environment and we’re expecting significant growth in this market. We’re at Hardware + Tools Middle East 2021 to present the wide variety of Chinese-manufactured solutions serving many different industries such as construction, marine, aerospace, architectural metal and wood-working industries, to name just a few.”
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.