$253bln worth of real estate projects under construction in the UAE supported by first class infrastructure.
Development in the UAE significantly expanded in September in contrast to the same period a year ago, with both the value and volume of under-development projects seeing an increase.
As per figures released by BNC Network, there were 7,531 projects worth $252.7 billion (Dh927.4 billion) under development in September contrasted with 6,145 with an expected estimation of $217.2 billion throughout September a year ago. This shows a development growth rate of 23 percent and 16 percent for volume and value, respectively.
Generally speaking, there were 11,636 active projects in the country with an expected value of $805 billion towards the close of September in contrast with 10,002 active projects at an expected estimation of $777 billion for the same month a year ago, as per a BNC Network study.
In contrast to the previous year, there was a growth of 16 percent as for as the quantity of new projects, while in terms of value, there was an increment of 4 percent, said Avin Gidvani, CEO of BNC Network. Active projects include developments that are in concept, design, tender, under-development and on-hold stages.
The UAE has recently seen the announcements of major multi-billion real estate projects, for example, Sharjah Publishing City, the Dh24-billion Aljada, the Dh3.67 billion MAG Eye, the Dh3 billion Marina Mall Abu Dhabi and various other public infrastructure development projects across the country. Gidvani disclosed that as of September, more than 450 projects worth around $36 billion were being tendered.
Dubai leads both value and volume of in the UAE. In the emirate alone, there were 3,046 under-development projects with an expected value of $118.7 billion, trailed by Abu Dhabi with 971 projects worth $104.4 billion.
In Sharjah, there were 1,454 projects in development stage worth $11.7 billion followed by Ajman with 824 projects worth $9.5 billion. Fujairah, Ras Al Khaimah and Umm Al Quawain saw 579, 305 and 352 ventures worth $4.2 billion, $2.5 billion and $1.8 billion, respectively.