With over $900bn of projects planned or underway, the UAE is the Mena region’s second biggest projects market. It has about $589bn worth of projects under construction with a pipeline announced but unawarded projects of about $310bn. And thanks to its two economic engines of Dubai and Abu Dhabi, the UAE is also one of the strongest and most resilient economies in the region.
The UAE’s diverse economic model that is built around Abu Dhabi’s substantial oil production, and Dubai’s vibrant real estate and travel sectors. Together these enabled the UAE to weather the worst effects of the fall in prices in 2014, even though tough fiscal adjustments by Abu Dhabi since 2016 led to a collapse in projects activity in Abu Dhabi and a general economic slowdown. This was offset by Dubai’s ability to maintain real estate developments, particularly around the Expo 2020. Dubai was the region’s strongest project market in 2016 and 2017.
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