The construction industry in the GCC remains positive about its prospects, with a maturing sector and long-term infrastructure spending commitments.
Hospitality & Cultural and Sport & Leisure are amongst the largest expected industry growth sectors.
The UAE is seen as the most attractive country in which to invest in the region.
Consensus remains around workload expectations surrounding Expo 2020 Dubai and associated transport, i.e. aviation, metro links, as well as tourism-related projects such as retail, hospitality, theme parks and other attraction-related projects.
Where once, sport looked west for investment and inspiration, now it looks east.
Sheikh Mohammed bin Rashid Arena for example is the first of a nine-point plan to revolutionise how sport is performed, trained for and delivered in Dubai.
The hotel occupancy rate in Abu Dhabi and Dubai reaches 80.7%. The Revenue Per Available Room (RevPAR) is 122.7 US$ in Abu Dhabi and 196.8 US$ in Dubai.
The direct contribution of Travel & Tourism to GDP was AED177.8bn (11,9% of total GDP) in 2019, and is forecast to rise by 3,9% pa, from 2019-2029, to AED249.5bn by 2029.
Visitor exports (money spent by foreign tourists) generated AED141.1bn in 2019 (9,9% of total exports).
The economic contribution of capital investment in tourism was AED27.8bn in 2018.
“Culture is one of the life’s main pillars, a cornerstone for building communities, a mirror for their progress and a driving force for creativity and excellence”
His Highness Sheikh Mohammed bin Rashid Al Maktoum