9/25/2023 0 Comments Dubai expo 2017![]() Going forward, the sector is likely to remain a key driver of growth, even though commercial and residential project delivery looks to have spiked in 2017. ![]() Growth in the construction sector is being supported by a combination of projects for Expo 2020 and solid activity across the residential component of the industry.Īccording to a report prepared for Dubai’s annual construction industry fair, The Big Five, held at the end of November, around $8bn has been invested in transport and infrastructure projects related to the expo, while works at the site itself are valued at between $2bn and $4bn.īy late November the value of construction contracts awarded in 2017 and linked to Expo 2020 had reached Dh10.8bn ($2.9bn), just short of the targeted Dh11bn ($3bn), creating a substantial project pipeline.īoth the residential and commercial components of the property market witnessed heightened activity this year, delivering just over 29,000 units, according to a recent report by brokerage firm fäm Properties. Building works a major contributor to growth The upwards trajectory is expected to continue into 2018 the IMF has forecast GDP growth of 3.5% for the year, supported by an anticipated rebound in energy prices and general business activity in the region. The index had reached 55.6 points by the end of October, up from 55.2 in September, and well above the 50-point cut-off that marks the difference between growth and contraction, putting Dubai on course to finish 2017 on a high. Solid increases in foreign trade and infrastructure investments have been major drivers of growth.ĭata issued by the Emirates NBD Dubai Economy Tracker Index at the beginning of November point to heightened activity in the later part of the year across key sectors of the economy, including construction, which posted its highest output growth for two years in October, and retail. ![]() Increased activity in trade, tourism and construction paved the way for another year of growth in Dubai, with momentum expected to continue through 2018 as the emirate’s preparations for Expo 2020 shift up a gear.ĭubai’s economy looks set to expand by an estimated 3.3% in 2017, according to forecasts from the IMF, up from 2.9% in 2016 and well above the organisation’s projections for the wider UAE economy of 1.3%.
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