UAE - An investment in tourism is expected to drive the UAE construction industry over the coming decade, with around $234bn being pumped into the sector during the next eight years.
The UAE will account for nearly 86 per cent of the total tourism-related projects investment in the region by 2018, according to a study by industry researcher RNCOS.
Recent figures show the number of visitors to the UAE jumped 16 per cent in July, year-on-year, continuing the emirate’s double-digit tourist growth.
UAE tourism figures were impacted heavily during the recession, but things are looking up due largely to high-profile events such as the launch of Formula One, and business developments at venues such as Abu Dhabi’s ADNEC.
"The UAE is expected to invest more than 14 times the investments made by its immediate competitor, Oman, followed by Qatar, Bahrain, Saudi Arabia and Kuwait,” said a spokesman for RNCOS. “Various national and international developers are launching large scale projects; thereby, driving the level of investments in infrastructure and construction activities.
“With the expansion of tourism industry in the past few years, demand for infrastructure and tourism projects has spurred in the country,” they added. “As a result, several new projects have been announced to tap the opportunity created by the growing demand for hotels and amusement and theme parks.”
