Dubai, United Arab Emirates, (AETOSWire): New construction contractor awards in the UAE are estimated to be worth US$24.7 billion in 2021, as the Gulf country paves the way for a post-covid rebound on the back of increased government expenditure and a fresh injection of foreign investment.
According to a September 2021 report by projects intelligence platform Ventures ONSITE, the UAE has launched several measures to attract investment and foreigners.
In the UAE, buildings such as residential, commercial, airports, sports facilities, hotels and recreational facilities, healthcare, and education, hold the lion’s share of new contractor awards in 2021, valued at US$12.6 billion.
This is followed by the oil & gas sector (US$8.4 billion) power & water construction projects (US$2.2 billion), and infrastructure, which includes roads, bridges, railways, and ports (US$2 billion).
Ventures ONSITE’s report was prepared exclusively for the Hardware + Tools Middle East 2021 trade fair, which opened today (28 September 2021) at the Dubai World Trade Centre.
The three-day event is the Middle East’s only dedicated exhibition for tools, hardware, materials, equipment and machinery, held in partnership with Zhejiang International Trade Fair (Dubai) from China, organised by the Department of Commerce of Zhejiang Province.
Zhejiang International Trade Fair has bought a large contingent of around 50 exhibitors eager to re-engage with distributors, retailers, exporters, importers, contractors, fabricators, consultants and professionals in the construction and industrial sectors.
“We’re optimistic about the renewed positive sentiment that prevails in the regional hardware and tools market, and this is borne out by not only a resurgent construction sector, but by Dubai’s position as a key trading partner for this segment with global economic powerhouses such as China” said Dishan Isaac, Senior Show Manager of Hardware + Tools Middle East.
Mr. Han Jie, Deputy Director General, Department of Commerce of Zhejiang, said: “The Department of Commerce of Zhejiang Province is delighted to back in Dubai again in a physical in-person trade fair environment and we’re expecting significant growth in this market. We’re at Hardware + Tools Middle East 2021 to present the wide variety of Chinese-manufactured solutions serving many different industries.”
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