Dubai: The impetus from the Expo 2020 Dubai will aid the local construction sector for a further two years, according to findings from the Dubai Chamber of Commerce and Industry.
The analysis - based on recent data from BNC, IMF, Haver Analytics and Fitch Connect - revealed that the sector contributed an estimated 6.4 per cent to Dubai’s GDP in 2018. Currently, there are 4,792 current active projects in Dubai, accounting for 42 per cent of the UAE’s total.
The findings show that the UAE leads the GCC in the value of awarded contracts for 2019, with $48.4 billion worth of contracts in the pipeline, followed by Saudi Arabia ($40.2 billion) and Kuwait ($15.8 billion). The UAE outperforms other countries in the region when it comes to the contribution of its construction sector to national GDP, with the value of this figure reaching $33.2 billion in 2018.