Contracts worth $44 billion were awarded last year (2013) in the United Arab Emirates (UAE), an increase of 37 per cent over the previous year, said a report.

 

The construction and real estate sector accounted for more than 60 per cent of the contracts, according to Meed Projects.

 

Speaking at its first quarter update briefing at the Address Hotel Dubai Marina, Julian Herbert, director, said: “The UAE was second only to Saudi Arabia’s $66 billion.

 

"Not only is this a 37 per cent increase on the 2012 awards, but over $10 billion worth of projects have resumed construction activity during 2013,"

 

The oil sector was the second most active with just over 21 per cent ($9 billion) of awards followed by the transport sector with eight per cent ($3.5 billion), he said. 

 

Some of the major contracts awarded during the first quarter of this year included the Address Residence Fountain Views at Down Town Dubai for about $1 billion; Zakum Oil Lines Replacements phase 1 for $885 million; Tasameem Real Estate's Mixed Use Development on Al Reem Island for $705 million; Iris Mist at Dubai Maritime City for $500 million; and Meydan Heights South at the Mohammed Bin Rashid City for $400 million.

 

Other major awards expected during the rest of the year include District One at Mohammed Bin Rashid City, Meraas' Dubai Theme Park and IPIC's Fujairah Refinery Phase 1. 

 

The total value of project awards for the UAE is expected to be about $50 billion, 10 per cent higher than last year.

 

The total value of contracts during the first quarter of this year was just over $700 million higher than the same period last year, said Herbert.

 

During both the periods, the construction sector saw most of the contract awards with 64 per cent in 2013 compared to 68 per cent this year. - TradeArabia News Service