UAE is one of the fastest-growing economies and the third-largest construction industry in the Middle East. The UAE’s construction sector appears set to return to near optimum capacity, with the government announcing some major development projects and stepping up spending on social infrastructure development. More than 6,000 construction companies operate in the country, with most construction activities taking place in Abu Dhabi and Dubai. Construction sector as a percentage of GDP of the UAE reached 10.6% in 2008 and 10.3% in 2011 while for 2015 and 2021 the sector’s contribution as a percentage of UAE GDP is projected to record 11.1% and 11.5% respectively.
UAE’s market for the construction industry has grown tremendously. Demand from shifting population demographics will drive construction work in the Middle East, several cash-rich governments pursuing infrastructure work and the region’s global sporting events. Industry research shows that social infrastructure considered necessary to maintain social cohesion will be one of the most significant opportunities in the local buildings market. Buildings market includes Residential Complex, Offices, Schools, Factories, Hotels, Hospitals, Resorts, etc. With the increase in buildings market, there will be an increase in the demand of the products like gates, fencing, grills, staircase, balcony, steel structure, etc.
According to the International Monetary Fund (IMF), the population of UAE is expected to reach 6 million by 2015 from 5.4 million in 2010 while the increase in expatriate community, which accounts for more than 80% of the country’s population, constitute the primary growth drivers for increasing demand for residential and commercial property units in the country. It is expected that the population will keep on increasing to reach approximately 15.5 million in 2050, thus increasing the demand for residential and commercial property units in the country.