New construction contractor awards in UAE estimated to be worth US$24.7 billion in 2021-Ventures ONSITE
Dubai, UAE: New construction contractor awards in the UAE are estimated to be worth US$24.7 billion in 2021, as the Gulf country paves the way for a post-covid rebound on the back of increased government expenditure and a fresh injection of foreign investment.
According to a September 2021 report by projects intelligence platform Ventures ONSITE, the UAE has launched several measures to attract investment and foreigners. The International Monetary Fund (IMF) increased the UAE's economic growth forecast for 2021 to 3.1 percent crediting the country's measures in handling the Covid-19 pandemic.
In the UAE, buildings such as residential, commercial, airports, sports facilities, hotels and recreational facilities, healthcare, and education, hold the lion's share of new contractor awards in 2021, valued at US$12.6 billion.
This is followed by the oil & gas sector (US$8.4 billion) power & water construction projects (US$2.2 billion), and infrastructure, which includes roads, bridges, railways, and ports (US$2 billion).
Major UAE projects to be awarded this year include Yas Living in North Yas Abu Dhabi, the Belbazem Oil Field Development, the Optimum Shah Gas Expansion (OSGE), and Dubai's MAG City (District 7 in Meydan City), with 546 townhouses.
Ventures ONSITE's report was prepared exclusively ahead of the Hardware + Tools Middle East 2021 trade fair, which takes place next week from 28-30 September at the Dubai World Trade Centre.
The three-day event is the Middle East's only dedicated exhibition for tools, hardware, materials, equipment and machinery, held in partnership with Zhejiang International Trade Exhibition (Dubai) from China, organised by the Department of Commerce of Zhejiang Province.
Zhejiang International Trade Exhibition will bring a large contingent of around 50 exhibitors eager to re-engage with distributors, retailers, exporters, importers, contractors, fabricators, consultants and professionals in the construction and industrial sectors.
“The UAE has launched several measures to attract investment and foreigners to the country and its covid-19 response strategy has injected renewed confidence in the construction sector, which in turn has a direct impact on demand for the latest tools, hardware, materials and machinery,” said Dishan Isaac, Senior Show Manager for Hardware + Tools Middle East.
“Whether it's in the industrial, infrastructure, commercial, buildings, or energy sectors, investment is now fast-flowing, and Hardware + Tools Middle East will reprise its role as a key networking event serving the industry that brings together the majority of trade buyers and professionals engaged in the construction sector.”
“This year the event will comprise a hybrid format, so visitors that cannot attend the event in-person can still discover products virtually, receive direct assistance from exhibitors onsite, as well as connect with suppliers,” added Isaac.
An entirely virtual Hardware + Tools Middle East will also run from 3-8 October 2021 to extend the business networking capability for exhibitors and international online delegates.
The three-day event, organised by Messe Frankfurt Middle East, will be co-located with Light Middle East, the region's dedicated exhibition and conference for architectural lighting design and technology.
More information is available at: https://www.hardwaretoolsme.com
Background information on Messe Frankfurt
The Messe Frankfurt Group is the world's largest trade fair, congress and event organiser with its own exhibition grounds. The Group employs approximately 2,450 people at its headquarters in Frankfurt am Main and in 29 subsidiaries around the world. The company generated annual sales of approximately €257 million in 2020 after having recorded sales of €736 million the previous year. Even in difficult times caused by the coronavirus pandemic, we are globally networked with our industry sectors. We have close ties with our industry sectors and serve our customers' business interests efficiently within the framework of our Fairs & Events, Locations and Services business fields. One of the Group's key USPs is its closely knit global sales network, which extends throughout the world. Our comprehensive range of services – both onsite and online – ensures that customers worldwide enjoy consistently high quality and flexibility when planning, organising and running their events. We are expanding our digital expertise with new business models. The wide range of services includes renting exhibition grounds, trade fair construction and marketing, personnel and food services. Headquartered in Frankfurt am Main, the company is owned by the City of Frankfurt (60 percent) and the State of Hesse (40 percent).
For more information, please visit our website at: https://www.messefrankfurt.com
About Messe Frankfurt Middle East
Messe Frankfurt Middle East's portfolio of 16 exhibitions includes Automechanika Dubai, Automechanika Riyadh, Beautyworld Middle East, Beautyworld Saudi Arabia, Hardware + Tools Middle East, Hypermotion Dubai, Intersec, Intersec Saudi Arabia, Gifts & Lifestyle Middle East, Light Middle East, Materials Handling Middle East, Materials Handling Saudi Arabia, Middle East Cleaning Technology Week, Paperworld Middle East, Prolight + Sound Middle East, and SPS Automation Middle East. The subsidiary also organises a series of conferences and seminars including Digital Next, Think Light, and the International Conference on Future Mobility. For more information, please visit our website at https://www.hardwaretoolsme.com