The construction market is a key driver of the U.A.E.’s economy and is second only to Saudi Arabia in terms of size within the GCC. But the sector has come under substantial pressure this year due to the prolonged slump in oil prices. Despite the prevailing climate, the construction industry remains resilient and the outlook for the sector remains cautiously optimistic. The U.A.E.’s strategic location, well-developed financial market, big consumer base, and localized drivers will continue to make it one of the most attractive markets in the GCC.
Dubai will be a regional high performer as it prepares for the Dubai World Expo 2020. The scope of the Expo will include investments in tourism-related projects, commercial infrastructure, and transportation development (aviation and metro links) – along with the country’s economic diversification goals in the areas of healthcare, education, and transportation – will drive growth and provide major opportunities.