UAE: Construction Sector Registers Drop in New Projects Announcement Worth $3.1 Billion

UAE: Construction Sector Registers Drop in New Projects Announcement Worth $3.1 Billion

There was a 73% month-on-month drop in new project announcements worth $3.1 billion in August, while there was 28% MoM drop in contract awards worth $3 billion, according to BNC intelligence.

 

However, in the region, the UAE led new announcements and contract awards among its GCC neighgbours with 82% and 38% share respectively, stated BNC in the 22nd edition of its projects journal titled, "Corona vs. the Economy: Round 2."

 

The GCC construction market is estimated at $2.4 trillion, with over 21,000 active projects at the end of August 2020, it stated.

 

The total value of project completions in just July and August achieved 77% of the total value of completions in H1 2020, it added.

 

"The GCC economy has been battered and bruised for two quarters but the economy isn't knocked out. It's