According to the report, the construction industry in United Arab Emirates is expected to record a CAGR of 6.2% to reach AED 278.7 billion by 2024. The residential construction industry in value terms increased at a CAGR of 6.7% during 2015-2019. The commercial building construction market in value terms is expected to record a CAGR of 9.1% over the forecast period. The infrastructure construction was estimated to be AED 89.8 billion in 2019, posting a CAGR of 7.5% during review period.
Over the next 8 quarters, the report expects growth across residential, commercial, industrial, and institutional sectors in United Arab Emirates to remain impacted due to the economic downturn caused by the COVID-19 outbreak. Despite near term challenges, medium to long term outlook remains positive. Over the short term, investment in the construction industry will be driven by government spending in the infrastructure sector