The Emirati Construction Boom
The UAE has long been blossoming with numerous real estate marvels harboring under its umbrella. Right from establishments like the Palm Jumeirah to hotels like the Burj Khalifa, there’s no denying the fact that real estate and construction in the region has been proliferating in every aspect. But, how exactly have the professionals been benefited from the same.
Apart from a multitude of career opportunities offered, the industry also ensures that an individual working within its arena has all possible chances to witness various growth prospects and have the right kind of exposure to work with a global perspective in head.
The Growth Going Beyond Bounds
Reputed sources suggest that in 2014 itself, the construction sector in the country reported a production worth AED 295 billion. The development was majorly witnessed in the large number of infrastructure projects, with the ongoing expansion of national airports, the establishment of the union railway network and re-construction of road and transportation projects. Renowned industrialists in the country have reported that in spite of the oil prices hitting a rock bottom, various corporations are able to run their projects comfortably. With the oil industry now presenting less than a third of Emirati economy , there has been no effect whatsoever on new projects and rampant residential real estate booming within the country.
Dubai, for that matter of fact has been building hotels at quite a rapid pace. Having transformed into one of the top-notch luxury destinations on the globe, Dubai seems in no mood to halt the hotel construction taking place at present. Over 14,385 rooms are currently under construction that seek to increase the supply for hospitality industry by about a fifth. The interesting fact to notice over here is the inter-dependency existing between various economic fronts in the UAE. Be it any economic sphere, developments in every aspect demand for infrastructural changes, hence pushing for an increased supply in the real estate and construction sector. The real estate in the emirate has been so rampant that it will cause Dubai’s economy to grow from 3.8% to 4.5 % by the year 2020.
On the whole. The construction industry in the country is all set to make progression on the path of a massive growth, majorly due to a health recover in economy after the oil-price dip, a liberal investment climate for global players to foray into the UAE construction space and a highly advanced framework for corporations to setup their bases and hire a relatively bigger headcount.
Having a strategic vision down the pipeline to make way for buoyant infrastructure projects and a safe-haven status, the country is all set to see new projects flourishing in each sub-segment like office, residential segment, hospitality, retail, leisure and healthcare.
More Jobs Due To The World Exposition During 2020 too!
Dubai Expo 2020 is nearly four and half years away, still it has managed to abuzz the air with a zillion discussions regarding the opportunities that it’ll be a harbinger of. Industries like construction, retail and transportation are expected to benefit the most with nearly 275,000 jobs to be created across the region. The 4.3 million square meter huge site for the World Exposition will see firms and corporations flocking from around the globe, with projects and huge investments for better business growth. Obviously, these projects will come with a dire need of a skilled staff, to be hired from various corners of the world. Goes without saying, there’ll be a steep increase in headcount that the construction sector will witness by then!
Author Bio: Anshuman Kukreti is a professional writer and a keen follower of the global job market. An engineer by qualification and an artist at heart, he writes on various topics related to employment across the Gulf. Reach him @ LinkedIn, Twitter and Google+.