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Abu Dhabi is rapidly looking like one of the best construction markets in the world
At a time where other parts of the world are reining in their construction budgets and suffering slowdowns, Abu Dhabi appears to just keep on going – a fact that has not been lost on contractors across the world.
The F1 Grand Prix may have been the exciting climax to one of Abu Dhabi’s major construction projects, but it also marks the beginning of the next phase, representing the steady construction flow in the UAE capital.
“Local companies are investing in Qatar and Abu Dhabi. Developers and contractors feel comfortable starting new projects in the area because new developments are progressing at a steady pace and are not accelerating too quickly,” says Wilo MD Simon Mrad.
Along with the well-known megaprojects of Yas and Saadiyat Islands, Abu Dhabi’s growth is also creating opportunities in the form of housing. “Depending on which estimate you follow, Abu Dhabi has a housing gap of anywhere between 5,000 to 40,000 homes,” says Baniyas Investment and Development Company CEO Wael Tawil.
Companies are already picking up ancillary contracts related to the need for housing. October saw Drake and Scull International (DSI) win a $108.8 million (AED400 million) MEP contract for a neighbourhood project in Abu Dhabi. The project consists of a 14-storey office building, 14 apartment buildings, 148 townhouses and 11 luxury villas, as well as various commercial spaces.
“Being awarded this contract is an exciting and promising start to Q4 for DSI. Our management team and workforce have been working exceptionally hard to ensure the company’s success and profitability, and we hope to have more large-project announcements in the near future,” says DSI vice chairman and CEO Khaldoun Tabari.
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Housing in Abu Dhabi should also not be considered as something entirely separate from the megaprojects. In November, developer Aldar, which is currently developing Yas Island, confirmed the possibility of a tie-up with Ferrari to create branded housing.
“There is a massive possibility that Aldar will work with Ferrari on future ventures in Abu Dhabi, perhaps residential or commercial,” says Aldar chief commercial officer Mohammed Al Mubarak. “We’re still in initial talks – very early stages – and we’ll tell you more once there’s something more concrete to report. Housing is a big possibility. We’d like to look at Ferrari branded villas in Abu Dhabi.”
However, any construction firm hoping to do well in Abu Dhabi will need to familiarise itself quickly with the new building codes, which come into force in 2010.
“The Abu Dhabi codes will set the framework for construction of buildings and will outline the health and safety regulations for the building industry in the Emirate,” explains DMA and Building Codes Higher Council chairman Rashid Mubarak Al Hajeri.
In addition to health and safety practice, the codes will also enforce Abu Dhabi’s commitment to environmentally sustainable projects.
All buildings designed in Abu Dhabi will have to comply with minimum environmental standards. The building codes will require developers to conserve the use of energy and water – two major components of any sustainability programme.
“Higher energy and water efficient requirements can also be achieved through the Abu Dhabi building codes to meet higher sustainability ratings for buildings,” said Abu Dhabi Department of Municipal Affairs consultant for policies and regulation Ali Bukair.
TOP PROJECTS - US$
Al Raha Beach Development - 18bn
Al Falah Development in Abu Dhabi - 2bn
Hydra Village Abu Dhabi - 1.5bn
Saraya District of Abu Dhabi - 1bn
Abu Dhabi metro - undisclosed
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FEATURED COMMENT
It's very happy to heare that our Abudhabi is gowing up by using theire wisdom.