UAE construction sector to rise as steel and building material prices fall
The UAE’s construction sector is expected to recover in 2023, with project costs starting to decline due to lower shipping and building material prices. Many new property developments are anticipated, with massive industrial, energy, and commercial projects underway. The sector has absorbed the loss of Arabtec, and jobs are being created. Steel prices have lowered, but cement prices have increased by 5%.
- New property developments are expected, with major project awards anticipated in H1 2023.
- Nakheel will launch its first major waterfront project - Dubai Islands - after a complete revamp of its build priorities there.
- Majid Al Futtaim Communities recently lifted the lid on two of these for its in-land super-luxury Tilal Al Ghaf residential project in Dubai.
- Farhad Azizi, CEO of Azizi Developments, estimates that in 2023, the UAE will spend Dh5 billion to Dh7 billion in contract awards, with the possibility of a higher amount depending on sales and demand.
- Jobs are being created for senior and middle managers, as well as the wider on-site labour workforce.
- Construction costs have declined compared to levels in Q4-2021 and Q1-2022, and there is an overall fall in key material costs except for those imported (region specific) due to fluctuating fuel prices and increased shipping costs.
- Steel prices have softened, with consumption of steel rebars in 2022 estimated to be around $1.5 billion to $2 billion in US dollar terms. Prices have decreased by around 10%, compared to 2020, after being 20-30% higher during the early half of the year.
The Anticipated Rise in UAE's Construction Sector in 2023 With many new property developments anticipated and major project awards expected in H1 2023, Dubai Iron is ready to provide premium iron and steel fencing solutions to the construction industry. The anticipated recovery of the construction sector is expected to create jobs for senior and middle managers, as well as the wider on-site labor workforce.
While cement prices have increased by 5%, steel prices have softened, with consumption of steel rebars estimated to be around $1.5 billion to $2 billion in US dollar terms in 2022. Prices have decreased by around 10%, compared to 2020, after being 20-30% higher during the early half of the year.
Dubai Iron (A leading Iron and Steel fencing manufacturer in Dubai) has released its outlook for 2023 With the UAE's construction sector expected to recover in 2023, Dubai Iron is poised to provide premium iron and steel fencing solutions to our clients in Dubai and the UAE. As a leading iron and steel fencing manufacturer in Dubai, we specialize in designing, manufacturing, and installing bespoke fencing solutions, including wrought iron designer villa gates, ornamental steel balconies and decorative steel railings.
Decorative Steel Railings in Dubai Dubai Iron is also the go-to supplier for decorative steel railings in Dubai. Our vast range of railings includes hand forged ornamental designs customized for specific requirements. From simple, elegant designs to more complex, intricate patterns, our steel railings add that touch of style and sophistication to any property.
Wrought Iron Designer Villa Gates Dubai Dubai Iron is a leading manufacturer of wrought iron designer villa gates in Dubai. Our range of villa gates includes both traditional and modern designs that are crafted from high-quality materials to ensure durability and longevity. Our villa gates are perfect for adding a grand entrance to your property or a simple yet elegant design.
Ornamental Steel Balcony Suppliers in Dubai Dubai Iron is also a top supplier of ornamental steel balcony solutions in Dubai. which are hot forged from premium steel materials to ensure durability and longevity. So whenever you are looking for an elegant steel balcony design our team of experts helps you achieve the perfect solution.LIVE NEWS FEED
TAG: Dubai, UAE, business news
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