PHOTO
Image used for illustrative purpose. A labourer poses in front of a construction area in Dubai. Ahmed Jadallah, Reuters
The UAE has a potential project pipeline of $659 billion, with the future spending heavily concentrated in Abu Dhabi and Dubai, Emirates NBD said in its new report on project spending in the GCC.
The total for budgeted projects is $336 billion, while $323 billion is in the planning phases, the Dubai-listed bank said, citing MEED data.
Currently, $222 billion worth of projects are underway in the UAE, mainly in Abu Dhabi and Dubai.
The value of UAE project investment remained robust in 2024, with contracts worth $83 billion being awarded.
A total of $93 billion contracts were awarded in 2023, the report said.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa