Perhaps the key driver of development in Dubai at the moment is Expo 2020, the world’s fair that will take place in the emirate over six months from autumn 2020 through spring 2021. The event, which is the first global exposition to be held in the MENA region, is expected to attract at least 25m visitors. Preparations have been under way for...
Following a period of rapid economic growth, Ghana’s slowdown over the past couple of years has had a noticeable impact on the construction sector in particular. However, its prospects appear to be modestly brightening, with sizeable capital allocations in the government’s budget and growth of 3.7% targeted for the construction industry in...
Since 2007 Ghana’s real estate market has continued to follow a cyclical trajectory, booming when headline growth is strong, but slowing in recent years in line with the commodity price drop in 2014. The sector is also affected by other pro-cyclical factors: as reported in the Bank of Ghana’s March 2017 “Monetary Policy Report”, the Ghanaian...
A 2014 World Bank report on Ghana’s demand and supply of labour estimated that over 1m jobs could become available in the country’s developing construction sector between 2015-20, particularly given the expected growth in the residential real estate market and the severe shortage in affordable housing. This employment is estimated to generate...
After a period of stabilisation in which the government implemented a number of reforms, the real estate and construction sectors are preparing for the introduction of a range of projects under the Saudi Vision 2030 initiative. Lower oil prices and the resulting fiscal consolidation of the state cooled demand in 2016 and early 2017; however,...
After a slower period for developers, 2017 saw a wave of new mega-projects announced in the Kingdom, with cities including Taif, Jeddah, Makkah and Medina set to host new large-scale developments. The emphasis was on providing needed homes for the growing Saudi population and driving further economic diversification, with projects aiming to...
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