Dubai: 3700 real estate projects under construction worth $400b

UAE real estate projects

According to an economic report issued by PNC, which specializes in building and construction information service, there are 3,700 real estate projects currently under construction in Dubai, with an estimated total value of $400 billion.

The report, which is entitled “Dubai construction market 2016”, stated that the construction industry in Dubai “Does not know to stop and is taking an upward path, Despite the fact that 21% of those projects are on hold, a large number of them are in advanced stages, with an estimated value of over $100 billion.”

Residential and commercial units, educational facilities and health care facilities, hotel buildings and entertainment facilities, places of worship, retail establishments, and multiple use urban projects make up 77% of the total value of projects, worth $320 billion.

Geuzen Hajmans, director of the Big Five exhibition said: “The growing population, the tourism sector, strategic government investments such as Dubai in 2021 and “Expo 2020″ are factors that fuel the local construction industry plan.”

According to the report, total expenditures associated with the preparations to receive 25 million visitors during “Expo 2020″is expected to reach $18 billion. It is also expected that Dubai’s population will rise by about a million people over the next four years to reach 3.4 million people by 2020.

PNC is considered one of the companies that hold the largest information database related to projects in the Middle East and North Africa.