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Dubai / Emirates Business
As many as 801 construction projects with a combined estimated value of $32 billion (AED117.44 billion) are currently in tendering state in the GCC’s urban construction sector which will serve as a strong pipeline of projects to be awarded in the near future, according to BNC Network, the largest and most comprehensive project research and intelligence provider in the Middle East and North Africa (MENA) region.
By the end of the year 2017, the combined total value of urban construction contracts is estimated to reach $50.9 billion (AED186.8 billion). While this is lower than the peaks seen in prior years, the volume of construction contracts is still tremendous, making Dubai one of the most active construction markets in the region. BNC forecasting model suggests that there would be an increase of 29 per cent in the total value of contract awards to $65.6 billion in the urban construction sector in the GCC in 2018 followed by another 1 per cent growth to reach $66 billion in 2019. The latest BNC Intelligence report shows 292 contracts with a combined estimated value of $9.5 billion (AED34.87 billion) were awarded in the second quarter of 2017, within the GCC’s urban construction sector.