Last updated on September 28th, 2020
For long this emirate has been a dream, one which a number of aspiring professionals seek to clinch from all around the globe. Home to marvels like the Burj Khalifa and host to mega events like the World Exposition called Expo 2020 in 2020, seldom are the chances that an individual turns down the offer to work in the professional arena that harbors in the confines of this emirate.
As it comes from the experts, this place has no geographical boundaries. Having trade relationships with the entire world nearly and a booming job market that welcomes you to try a hand in your field of expertise, seriously, it has been nothing less than a dream destination for those looking forward to lead a lavish life without the dearth of missing out on any growth. However, one economic field that is moving forth with immense thrust is the industry of construction in Dubai.
Real Estate Market Stabilizing
The apprehensions regarding Dubai’s real estate making any growth and facing a double digit decline during 2016 have been burnt to ground, with the market dynamics stating otherwise. Looking at the clear cut information from various projects, indicators like population, tourism, economy and the number of visitors to the airport validate the chances of the real estate market in Dubai to remain stable. Adding to the same, the industry has seen sales mounting up to AED 13 billion during the first half of 2015 itself.
To everyone’s astonishment, Dubai Land Department has reported a transaction value of AED 53 billion, with AED 30 billion coming from non-Arab customers. This reflects the trust and confidence investors are showing for the real state scenario and industry of construction in Dubai to flourish further. Not only this, but the re-gained stability will also push up the employment numbers and call for more career avenues for an individual to witness in Dubai’s real estate and industry of construction in Dubai.
Construction Material Sector Sees a Healthy Growth too!
With the ongoing stabilization in the real estate industry, areas like the Jebel Ali Free Zone in Dubai are witnessing a steady growth in the metal, steel and construction material sector as well. Talking in specifics, a robust growth of 8% during 2015 has been observed, as far as the number of companies are concerned.
Steel and construction material sector in the Jafza region has generated a business worth AED 13.6 billion during 2014 and it continues to expand, in terms of trade and the number of new players as well. The continued rise in revenue shows the potential this emirate holds to soon be the global hub for construction material and the whole industry of Construction in Dubai. Adding to the development further, a 1.1 million square meter of steel and building material zone has further been added in Jafza South. This has only been possible due to the constant support from Dubai ports, customs and the free zone regulations.
Not only has this caused the inception of over 838 companies in the construction material segment, but has also pumped up the efficiency for all major projects in the region.
Industry of Construction in Dubai Booms with Foreign Investments
With the announcement of strategic agreements with CBRE and JLL, foreign investments are surely to step in the industry of construction in Dubai South primarily. This alliance will majorly help all global investors to set up office spaces and leverage to the region’s budding business ecosystem.
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A master city which will stretch for a 145 square kilometer wide area is also being planned to suit the unique needs of every kind of office space that seeks turnkey solutions to expand and function in the most productive manner. Looking forward to sustain a population of more than a million, construction in Dubai has reached a new level altogether.