The UAE had a total of 7,878 active building projects valued at $227.9 billion (Dh836 billion) at the beginning of September 2017, according to a report.

Of these building projects, high-rise buildings accounted for $100.5 billion, while mid-rise and low-rise buildings accounted for $64.5 billion and $62.9 billion, respectively, said the BNC Construction Intelligence report prepared by BNC Network, a leading project research and intelligence provider in the Middle East and North Africa (Mena) region.
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Among the 7,878 projects, the majority are located in Dubai and the Northern Emirates. As many as 3,857 buildings are coming up in the Northern Emirates, while 2,812 are in Dubai and 1,208 are located in Abu Dhabi.

However, in terms of value, $121.1 billion worth of buildings are being developed in Dubai, $64.3 billion worth of projects in Abu Dhabi and the rest $42.6 billion are being built in the Northern Emirates, the report said.

In August, the number of building projects in the UAE increased by 2 per cent as compared to July, 2017, but in dollar terms, there has been no significant movement, as per BNC project intelligence.

“Our findings clearly show that building projects are going ahead as planned due to anticipated rise in demand in the coming years with the run up to the historic Expo 2020,” Avin Gidwani, chief executive officer of BNC Network, said. “Most project owners, developers are looking at completing their building projects before October 2020 when Dubai expects to receive 20 million hotel guests as well as 25 million visitors to the Expo site.”

The building industry constitutes 83 per cent of all active projects in the UAE’s urban construction sector and in dollar terms these projects account for 44 per cent of the total estimated value.

A total of 48 building projects with a combined estimated value of $2.5 billion moved to construction from other stages during the month. The largest building project in dollar terms to be awarded in August was the 729-villa complex project which is a part of Sheikh Zayed housing programme located in Al Montezi in Ajman, worth $272 million.

A total of 228 building projects with a combined estimated value of $4 billion were completed during the month. The largest project in dollar terms to be completed in August was the Presidential Palace project located in Abu Dhabi worth $1.6 billion, the report said. – TradeArabia News Service