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BMI View: Our 2013 real growth forecast of 4.8% is reinforced by the 2011 numbers coming in exactly
how we anticipated and the 2012 data being on track to fulfil or expectations. Significant public spending, a
growing tourism sector, increased direct foreign investment and an improved business environment are all
driving activity in the construction sector. However, we are now seeing a more moderated scale of future
projects, in line with a more realistic demand picture. We believe this outlook will be supported by ongoing
or re-started projects, rather than a stream of new construction contracts.
Factors driving construction industry growth:
? The UAE is spending US$58bn on roads and bridges projects, the cost taken up by projects currently
under way or in the planning phase. The significant figure - which is more than any other Gulf
Cooperation Country (GCC) country - accounts for nearly half of the regional spend.
? The second phase of the US$11bn Etihad Railway Network - also part of the US$100bn GCC Railway
Network - has entered the tendering phase. Construction is scheduled to start early 2013 and will provide
a significant boost to the construction industry.