UAE construction sector produced $81bn in 2014
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE; and Ruler of Dubai comments on the UAE's economic performance in 2014
Production in the UAE's construction sector reached $81bn (AED295bn) in 2014, up from $42.2bn (AED155bn) in 2006, Vice President and Prime Minister of the UAE; and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, announced today (Saturday, 20 June, 2015).
"I wanted in this brief note to highlight the current status of the United Arab Emirates’ economy and to outline the course we are steering in the period to come," HH Sheikh Mohammed commenced.
"The UAE has anticipated many global economic scenarios, and built a range of economic policies in order to be better prepared and equipped to manage a range of variables; it has diversified its economy to reduce its dependence on oil, built more balanced management of global economic forces, and established a clear policy of openness and cooperation in order to align with the interests of other global players," he continued.
According to the document, 2014 witnessed UAE's strongest economic performance since its foundation, with a real gross domestic product (GDP) growth of 4.6%, and with nominal GDP reaching $401bn (AED1.47tn).
Ongoing work on "a large number of infrastructure projects, such as the expansion of national airports totalling $27.2bn (AED100bn), and building the Union Rail Network, a project worth $10.9bn (AED40bn), in addition to roads and transport projects, new and improved tourist facilities, electronic infrastructure, real estate, and financial services," are all expected to support growth expectations for 2015, HH Sheikh Mohammed added in the report.
National economic diversification will continue to hold priority as a long-term strategy; more so in light of the strong performance of the country's non-oil sector, which accounted for 8.1% of the GDP (at current prices) in 2014, with a constant--price GDP contribution of 68.6%.
The non-oil sector's performance in the first quarter of 2015 was also encouraging, the ruler added, stating "the continuing rise in government spending and investment; and the increase in government and private capital, which amounted to $96.1bn (AED353bn) in 2014, also indicate continued strong growth in 2015."
"The decrease in the oil prices has had a positive impact on the growth of many economic sectors in the UAE in 2014, as current-price growth rates for the transport and storage sector amounted to 10%, up from 7.9% in the previous year...and the construction sector 6.1%, a substantial rise from 3.4%," HH Sheikh Mohammed added in the note.
The note continued: "The total manpower in the national labour market in 2014 reached 275,000 citizens, and we are aiming to take that number to 460,000 citizens by 2021."