According to the organizers of a trade exhibition currently taking place in Dubai, around USD 72 billion worth of construction contracts are due to be awarded in the Gulf by the end of the year.
The research was part of the GCC Building Construction Industry Report 2010 and was unveiled at The Big 5 2010 exhibition, the largest building and construction exhibition in the region. The report concluded that nearly a third of the contracts or USD 23.5 billion will be awarded in the UAE.
Five key sectors including retail, commercial, residential, tourism and leisure were analyzed with retail highlighted as the most promising sub sector for growth.
While the downturn in the region’s construction sector had resulted in a difficult few years, Mr Andy White event director of The Big 5 said that the research highlights a steady optimism for the industry in the UAE and the region generally, and there has been a real buzz leading up to this year's event.