Market Trends of United Arab Emirates Structural Steel Fabrication Industry
Infrastructure Development Driving The Market
- The UAE is currently embarking on the development of several ambitious megaprojects, poised to shape the future of the nation and redefine its position as a global and regional leader. The upcoming megaprojects of the UAE are also a testament to the nation’s continued efforts and commitment to shaping its future.
- With the combined support of the government and the private sector, these megaprojects are expected to drive economic growth, create jobs, and position the country as a global hub for innovation, tourism, and opportunities.
- A wave of private sector projects, combined with high levels of government spending and investment plans, is bringing renewed optimism to the market. Transportation and road infrastructure development continues to be important.
- The UAE has a sizable transportation and road infrastructure projects pipeline, including the USD 11 billion Etihad rail, the USD 5.9 billion proposed Hyperloop project between Dubai and Abu Dhabi, the USD 2.7 billion Sheikh Zayed double-deck road project, and more.
- The rebounding oil price in 2022 triggered a fiscal surplus for oil-exporting economies like the UAE and Kingdom of Saudi Arabia (KSA). In October 2022, the UAE government announced a planned expenditure of USD 68.59 billion between 2023 and 2026, continuing the government's strategic plans of economic diversification, enhancing citizens' quality of life across the Emirates, and centering themselves as a global business hub.
- Presenting the average annual oil price against the project awards value for the UAE demonstrates a historical correlation trend of increasing award values following elevated oil prices.
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Growing Residential Units With Increase in High-Rise Towers
- Dubai has constructed more than 25 buildings taller than 300 meters, surpassing any other city in the world. The city, known for its record-breaking tower and numerous iconic architectural wonders, is set to maintain its appeal as a 'City of Skyscrapers' with several high-rise buildings currently under construction.
- These upcoming skyscrapers, including the Burj Binghatti, Ciel Tower, Il Primo Tower, Uptown Tower, Regalia, and One Za'abeel Tower 1, are all set to be among the world's 100 tallest buildings under construction. Additionally, developments like Dubai Creek Tower, RP One, and 106 Tower are also in progress.
- With Dubai's prime residential prices increasing rapidly and the city leading the global Prime International Residential Index 100 (PIRI 100) for 2022, developers are working diligently to meet the growing demand from wealthy investors.
- Dubai is poised to maintain its status as the host of the tallest buildings, measuring 300 meters and above, given the upcoming range of new high-rise buildings in the offing.
