UAE construction industry shows confidence despite global challenges

UAE construction industry shows confidence despite global challenges

DUBAI, 22nd May, 2023 (WAM) – Despite economic headwinds plaguing the global construction industry, the UAE appears to challenge the status quo. The vast majority (89%) of construction decision-makers in the country feel confident about the market conditions over the next 12 months. This is according to a new ‘How We Build Now’ benchmark report commissioned by leading global construction management software provider Procore Technologies, Inc. surveying construction decision makers across the UAE.

Arguably, confidence is backed up by the high proportion of work in the pipeline, with just under half (46%) of businesses expecting the number of projects to increase by up to 20% over the next 12 months, while over a third (34%) expect it to go up by 20% or more.

The research offers insight into the factors that stand to impact the growing momentum of the construction industry in the UAE. For example, the top three challenges facing decision makers are a lack of certainty/visibility on the potential pipeline of future work (26%), collecting pricing quotations from different companies in a centralised location (26%), and understanding business status in real-time to inform future business decisions and forecasts (25%).

The report also found that construction companies in the UAE lose