Construction contracts worth $15.068 billion will be awarded in the UAE this year, an increase of 26.57 per cent from last year, according to research released by Ventures Middle East.
The total value of current construction projects in the UAE is $1.249 trillion, with buildings accounting for $871.6 billion, energy (oil and gas, petrochemicals, power and water projects) for $190.9 billion, and infrastructure (roads, bridges, rail, sewerage, wastewater and marine) projects for $187.2 billion, said the company.
A large number of those projects are taking place in the UAE’s capital, with the Abu Dhabi Executive Council recently approving the new billion dollar airport terminal, a metro system, two industrial zones, more than 20,000 new homes, 14 new hospitals and 24 new schools, said the statement.
The figures were released in the run-up to the Infrastructure Arabia Summit, taking place from 22-25 April 2012 at Abu Dhabi.
In March last year, Ventures Middle East had said that the total value of the construction projects ongoing at the time in the UAE was $562.8 billion.