While the IMF’s forecast of 2.6 per cent growth for the wider economy, BMI Research is forecasting growth of 6.6 per cent for the UAE construction market this year. Fuelled by infrastructure spending in Dubai, the construction industry is set to rise from c. AED 162bn this year to AED 181 billion next year.
As Dubai ramps up spending ahead of Expo 2020, BMI Research also predicts growth of more than 6 per cent for the following three years citing projects such as the Metro extension on the Red Line and expansion of Jebel Ali Port and Al Makhtoum Airport.
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