UAE’s Construction Sector is on Fast-Track Growth
It’s an exciting time for Mynott Bowers as the organisation continues to grow and expand into new markets across the globe. Last week our Managing Director Chris Bowers spent a few days in Dubai to meet clients and to discuss some of the new and interesting projects that Mynott Bowers have been commissioned to provide the bills of quantities for.
Above: Chris Bowers taking in some of the breathtaking views of the Skyscrapers in Dubai
Chris commented on his visit: “When we think of Dubai, we think city of skyscrapers, ports, and beaches, where big business takes place alongside sun-seeking tourism, and yes this is what many see, and having explored some more and met some seriously knowledgeable and influential people, I am blown away, Dubai deserves it’s high ranking and status, wow what a country! And it is no wonder that Dubai tops global charts in foreign investment. The country offers stability, sustainability, infrastructure and an opportunity-rich environment that’s needed for investors and businesses. I am really looking forward to the journey ahead for Mynott Bowers in Dubai.”
The United Arab Emirates (UAE) construction industry is expected to register an annual growth in the region of 3.9% from 2024 to 2027. This is backed by investment in the development of transport infrastructure, renewable energy, housing infrastructure, residential development, industrial, and tourism projects. The government announced a plan in November 2022 to implement a series of projects aimed at accelerating the UAE’s development and transforming it into a comprehensive hub in all sectors, as part of the ‘We the UAE 2031″ vision.
‘We the UAE 2031’ vision represents a national plan through which the UAE will continue its development path for the next 10 years, with focus on social, economic, investment and development aspects. The plan seeks to enhance the position of the UAE as a global partner and an attractive and influential economic hub.
An objective of this vision is that the government aims to double the country’s GDP from AED1.5 trillion ($408.7 billion) in 2022 to AED3 trillion ($816.9 billion) by 2031, increase the country’s non-oil exports to AED800 billion ($217.8 billion), and raise the contribution of the tourism sector to the country’s GDP to AED450 billion ($122.5 billion) by 2031.
UAE Mega Projects: New developments in Dubai, Abu Dhabi and the Northern Emirates – below provides a snapshot of mega-projects that are currently in progress or being planned for 2024 onwards.
Burj Binghatti, Dubai
There have been a few candidates for “world’s tallest tower” since Burj Khalifa took the crown way back in 2010, and here’s one aiming for the slightly different title of “world’s tallest residential tower”.
Burj Binghatti will have “more than 112 storeys” and will offer residents the chance to “live amidst the clouds”, developer Binghatti said.
Located in Business Bay, it is being developed in co-ordination with Jacob & Co, a New York-headquartered watch and jewellery company.
To become the world’s highest residential tower, Burj Binghatti has to exceed the 472-metre height of the current record-holder, New York’s Central Park Tower.
Agri Hub by URB
Dubai’s tourism attractions come in all shapes and sizes, but this one is a little bit different.
Agri Hub will, according to its developer URB, become the biggest of its kind in the world and create 10,000 jobs.
It will provide food security, entertainment and adventure. A few locations are being studied for feasibility, with the exact location yet to be confirmed.
Above: The Dubai Agri Hub will offer a new style of tourism. Photo: URB
Dubai Urban Tech District
Another from developer URB, this urban technology district will be located on the Creekside of Al Jaddaf district in Dubai.
“The Urban Tech District will be a new global tech hub for urban innovation,” said Baharash Bagherian, chief executive of URB. “With a total of 140,000 square metres of built-up area, it will be the world’s largest urban tech district, thus making Dubai the centre for urban innovation.”
The district will be able to host conferences, seminars, business incubation programmes, training and research sessions, and is set to create 4,000 jobs.
Comprised of five islands with a total area of 17 square kilometres, Dubai Islands have been designed to enhance the well-being and lifestyles of residents and visitors. Photo: Nakheel
Formerly known as Deira Islands, developer Nakheel rebranded the project as Dubai Islands.
The development, comprising five islands spread over an area of 17 square kilometres,reinforces the emirate’s position as a “global destination of choice for residents, visitors and investors”, Nakheel said.
Each island will have its own unique offerings, with cultural centres, recreational beaches and beach clubs.
The islands will be home to more than 80 resorts and hotels.
Jubail Island, Abu Dhabi
The Dh10 billion development by Jubail Island Investment Company is very much under way, with villas springing up on the plot between Saadiyat Island and Yas Island.
It will have six residential village estates covering more than 400 hectares and is expected to be home to 10,000 residents within four years.
Developers have already planted a total of 430,000 mangrove trees as part of efforts to conserve the ecological reserve.
Guggenheim Abu Dhabi
Another project located in the Saadiyat Cultural District, a development geared towards the tourism market, this one is set to open in 2025.
The museum will cover 30,000 square metres, with its gallery spaces spread across four levels linked by glass bridges and a central atrium at its core.
The futuristic building, which will stand 88 metres tall, will feature nine cone-shaped structures, which will be a space for both commissions and acquisitions.
It was designed by renowned architect Frank Gehry, who is also behind the Guggenheim Museum in Bilbao, Spain.
(Source: ResearchAndMarkets.com, www.thenationalnews.com)
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You can view the variety of our commissions by visiting our portfolio here: Explore Our Construction Portfolio: Mynotts Bowers (mynottbowers.com)