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Despite various events that have affected the region's economy, Dubai's construction sector remains in an upward trajectory, according to BNC's Dubai Construction Market 2016 report. There are more than 3,700 construction projects being undertaken in Dubai with an estimated value of $400 billion (Dh1.47 trillion), according to the report, which was commissioned by The Big 5, the construction event.
While approximately 21 per cent of the projects are on hold, a large number with an estimated value of over $100 billion are in advanced stages of construction. Some high-value projects include Sobha Hartland ($2.1 billion), Royal Atlantis Resort and Residences—Palm Jumeirah ($1.4 billion) and the Innovation Hub PT-163 ($1.2 billion) in Dubai Internet City.
Around 77 per cent of the developments are commercial and residential units, education, health care and hospitality buildings, leisure and recreation facilities, religious buildings, retail facilities and mixed-use urban projects, with a total value of almost $320 billion.
With Dubai's population of approximately 2.46 million people expected to reach 3.40 million in 2020, and the emirate eyeing to reach 20 million visitors also by 2020, infrastructure development will need to be fast tracked. ''This impressive increase is likely to put a strain on the city's infrastructure, creating a need to expand its capacity,'' said Josine Heijmans, Event Director of The Big 5.
Meanwhile, total spend on infrastructure projects related to the Expo could reach $18 billion.
Source: Property Weekly