According to data from a KPMG Global Construction Survey, the construction sector in the UAE is expected to witness a growth between 6 and 10% in the next year.
The survey also had about 53% of the industry executives being optimistic about the growth of the construction sector in 2020. Other 7% of survey participants expected industry to grow by more than 15%, while 13% of participants predicted a growth between 11 and 15%.
Sidharth Mehta, partner and head of Building, Construction & Real Estate at KPMG Lower Gulf said: “The construction sector is the lifeblood of the UAE economy and it is very encouraging to see that the industry is expecting single to double digit growth this year. As the pace of disruption accelerates, leaders will have to consider implementing a three-pronged approach to rationalize governance and controls, optimize human performance and innovate with technology, to become more future-ready.”
More than 80% of the experts surveyed think that digital modular fabrication would be widely implemented within the next 10 years, then intelligent construction equipment and robots. The survey also mentioned that using data analytics and predictive modeling will play a significant part in the next five years.
However, 44% of industry executives see that time and cost overruns are still major obstacles facing projects, alongside gaining funding (according to 31% of executives). Yet these challenges are currently being addressed as the industry adopts more methodologies to link governance to project outcomes.