Take Benefit of the Thriving construction business in Dubai
The development boom in Dubai shows no signs of slowdown. This makes a popular city for construction companies in Dubai looking to expand. What are the most important points to consider?
What is the current situation in the individual sectors?
Dubai has hosted some of the world’s largest construction projects in recent years. This included a rich variety of buildings in different sectors, also with varying degrees of success. For example, 101-story Marina 101 is the largest residential building in the world. Before that, the city’s Princess Tower had had the same title.
As for the upcoming projects, Reuters recently reported that the next phase of the $36 billion remodeling work at Al Maktoum International Airport will be postponed. Authorities lent $3 billion in 2018 to make improvements that would allow 260 million passengers to use the terminals each year.
Another important project is the work to be carried out on site for Expo 2020. It was recently reported that the opening ceremony of the Pavilion of Italy was held. This event begins in October 2020 and will last for six months. Recent reports suggest that major construction work will be completed by the end of 2019.
Dubailand is another construction initiative that is one of the largest and most expensive ever carried out. This huge entertainment complex was first announced in 2003 and cost $64.3 billion. Recent updates suggest that the final element, Six Flags Dubai theme park, will be completed by the end of 2019.
Work on the Arabian Channel began a few years ago on a budget of $11 billion. This 16-mile-long waterway is a work in progress without an estimated currently known completion date.
What areas of construction could be successful in the future?
As we have seen, Dubai has seen some astonishingly ambitious construction projects in recent years. Some were successfully completed, while others were put on hold. The main factor that has hampered some of these projects has been the global economic slowdown felt around the world.
However, the housing sector is an important part of Dubai’s economy, which has developed positively over several years. According to Bayut, there are 2,500 apartments in Dubai Marina and more than 1,700 in downtown Dubai, which is an indication of the strength of this sector.
Another interesting area for the future is the hotel industry. In 2019, Radisson opened its seventh hotel in Dubai. Hotels scheduled to open in 2020 include ME Dubai, The Royal Atlantis Resort & Residences and Sofitel Dubai Wafi.
Drilling on land and offshore is another area that will likely help boost the construction sector. The continued success of the UAE oil industry means that both it and other oil-related industries will remain highly competitive and profitable.
These are all areas that have experienced steady growth in Dubai and are likely to continue to grow for the foreseeable future. The city’s continued economic growth and development will continue to provide opportunities for construction companies with ambitious plans.
