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Krihaat Glass Hill,
Thailand |
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Al Noor development,
Ras Al Khaimah |
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Al Sanaa Development,
Ras Al Khaimah |
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Real Estate, Construction Are New Growth Engines For UAE-Minister |
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HOME >> NEWS >> Real Estate, Construction Are New Growth Engines For UAE-Minister |
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 The Real estate and construction sectors are likely to be the new growth drivers of the UAE, according to the Economy Minister Shaikha Lubna Al Qasimi. She was speaking at the inauguration of the two-day Arabian World Construction Summit in Abu Dhabi on Monday.
The Minister said that Abu Dhabi has earmarked a 51% of its budget for non-oil segments for construction projects in the next five years. The combined contribution of real estate and construction sectors is expected to reach 23% of GDP in 2010, compares to 16% in 2006, she said.
According to the Minister, there are currently major projects worth Dh5.9 trillion across the GCC. She expects the demand for steel from the UAE alone to double in four years to ten million metric tons by 2010.
Source: http://www.nasdaq.com/ |
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