Construction companies in Dubai are at an all time high. With a diverse range of technology backed projects in the pipeline, Dubai has become a hub of leading construction companies in the GCC.
The residential housing market, for example, alone is the driving force for 78,000 constructional units, scheduled for completion by 2020. This particular market also happens to be the most sought after area by international investors.
Despite sustained low oil prices slowing down the economies of other GCC countries, the construction sector of Dubai is still going strong. This has incited positivity among construction companies in Dubai, and other related industries, that the industry is going to be a robust and stable market.
Factors of Growth:
The high growth of construction companies in Dubai has the government’s Smart City initiative behind it, which aims to build a smart and sustainable city through infrastructure investments in transportation, ICT networks and energy management. It includes over 540 “smart” schemes, such as the futuristic 3D-printing of building materials, a technology Dubai has set its sights on being a leader in.
In addition, the World Expo 2020, set to begin from October 20, 2020, is acting as an important fuel to this growth.
The construction industry in Dubai is also going to be characterized by sustainability, promoted at the state level. The sustainable practices induced in the construction market include choosing building materials with low-carbon emissions, ensuring sustainability of the source of the materials, evaluating and taking steps to lowering the carbon footprint of a project, etc.
This is not to say that the sector cannot further realign itself to maximize its growth and sustainability potential. Sustainability projects are still not being prioritized by construction companies in Dubai, as much as they should be. This is because adopting sustainable practices in construction have huge initial costs, even if they have higher returns in the long term.
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