Urban construction leading UAE on ‘road to recovery’: BNC intelligence

Urban construction leading UAE on ‘road to recovery’: BNC intelligence

The pace of construction activity in the GCC slowed down in August, after showing early signs of recovery in July leading to fewer new project announcements. 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