Infrastructure is a cogwheel to the economy and helps growing major sectors of the country like Education, Health and process industry.
During the Financial crisis of 2008, construction industry was also affected and gone slow all over the world, but in Middle East the most rapidly growing economy after the financial slump was United Arab Emirates (UAE). The main reason behind was the confidence of private and public investors during past few days.
Construction sector as a percentage of GDP of the UAE reached 10.6% in 2008 and 10.3% in 2011 while for 2015 and 2021 the sector’s contribution as a percentage of UAE GDP is projected to record 11.1% and 11.5% respectively.
According to the International Monetary Fund (IMF), the population of UAE is expected to reach 6 million by 2015 from 5.4 million in 2010 while the increase in expatriate population, which accounts for more than 80% of the country’s population, constitute the main growth drivers for increasing demand for residential and commercial property units in the country. (Source: Dubai Chamber of Commerce and Industry Report)
Let’s have look on Developed Projects in Dubai
Residential Projects are Dubai Marina, Nakheel Properties, Business Bay, Jumeriah Village and International City.
Hotels & Luxuries: Atlantis, Palm Jumeriah, the Universe, the world Island,
Buildings & Skyliner’s: Burj Khalifa, Burj Al Arab, Emirates Towers, Princess Towers, Marina Torch, Cayan Tower, Almas Towers and approximately 50 more highest building
In the field of construction 4 major players are involved up to the accomplishment of the project,
- Government Entities.
Client is the party which who is investing its money to build a project, Consultants here deals with Project planning, Architecture & Design work, preparing project drawings and responsible for quality assurance. Contractor is the project developer. Besides that there are several Government Departments are involved in monitoring construction process, like UAE Municipality, Defense Department, and Environment Protection Department.
UAE is attracting investor’s from all around the world because of following reasons;
- High Return on Investment (ROI)
- Safe and Secure investment due to long lasting UAE Government Policies
- Reliable Banking and Insurance Facilities
- Labor availability and strict Labour Laws
- No Income Taxes & less Custom duties
There are seven emirates of United Arab Emirates. These are Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah. With government’s support and vision, construction companies in Abu Dhabi and Dubai are doing their best to change these beautiful emirates. Undoubtedly, all credit goes the supreme leadership and their vision.