(Dubai) – As the UAE celebrates the successful bid of Dubai Expo 2020, a positive sentiment has returned to the country’s construction market and to Dubai in particular. According to regional project tracker MEED Projects, the total value of contracts awarded in the UAE during 2013 will close out at approximately $30 billion.
“We expect this number to increase significantly over the next few years as the market takes full advantage of Dubai’s successful bid,” said Julian Herbert, the Director of MEED Projects. Based on projects already announced, MEED Projects currently predicts that the total value of contracts to be awarded in 2014 will probably eclipse the 2013 number to reach $35 billion.
Herbert also expects that a number of new developments will be announced on the back of the successful Dubai Expo 2020 bid.
