Construction & Real Estate

The value of infrastructure contracts awarded in the UAE in 2014 is expected to increase by more than five times, to $15.2bn. This rising trend is reflected in Dubai’s construction sector, which accounted for about 8% of GDP in 2013. The sector’s growth has been driven by projects linked to higher tourism numbers and upcoming international events, and Dubai Expo 2020 in particular. Expo 2020 preparations are expected to generate $23bn, or 24.4% of current GDP, between 2015 and 2021. The real estate market was severely affected by the crash in 2009, which saw property values fall by 40% in the first three month of 2009. Things have improved significantly since then, and tighter regulations, coupled with strong fundamental demand, have ensured that the future of the emirate’s real estate market is a bright one.

This chapter contains an interview with Hesham Abdulla Al Qassim, CEO, wasl Asset Management Group.