Nearly 47 contracts worth over Dh11 billion ($2.99 billion) are set to be awarded in 2017 for projects at the Expo 2020 site, a senior Dubai official has said.
"The Public-Private Partnership Law passed in 2015 has further stimulated greater private sector involvement in Dubai’s construction market," said Sheikh Ahmed bin Saeed Al Maktoum, Second Deputy Chairman of the Executive Council and Chairman of Economic Development Committee.
The Real Estate sector is projected to grow by 4.3 percent and 3.8 percent respectively in 2017 and 2018, while the manufacturing sector is anticipated to grow by 3.3 per cent and 4.1 per cent this year and next, underpinned by the Dubai Industrial Strategy. Dubai is playing a major and increasingly sophisticated role in regional and global value chains through transport, distribution, marketing services and R&D," Sheikh Ahmed was quoted as saying by a Wam news agency report.
The Transportation Sector will also be a key driver for construction sector growth as large investment projects are moving forward, including the Etihad Rail project, the Dubai Metro extension project and the expansion of the container port in Jebel Ali capitalising on Dubai’s role as a major logistics hub between three continents and its geographical location that links major trade routes.
Sami Al Qamzi, director general of Dubai Economy, said the stable, transparent and healthy macroeconomic environment, highly developed infrastructure and strong institutions continue to provide the bedrock for a higher, more diversified and sustainable growth path for Dubai.
Dubai’s economy is expected to expand further over the next two years after having outperformed global economic growth and defying downward trends that prevailed worldwide in 2016, said Sheikh Ahmed.