UAE Construction Sector to Reach $41 Billion in 2024, Led by Innovation and Sustainability

UAE, 20 July, 2024 :  The UAE's construction sector, which saw a 23% growth in Activity Index and secured $87 billion in project awards in 2023, is projected to grow to $41 billion in 2024 and reach $50.40 billion by 2029, with a CAGR of 4.26%.

Despite global challenges, the sector is experiencing significant growth, particularly in residential and mixed-use projects, valued at $125 billion and $232 billion, respectively, according to 3DXB Group, a leader in 3D printing solutions for construction.

3DXB Group aims to capitalize on the UAE's resilient construction market, which has a project pipeline worth $590 billion. The company's advanced 3D printing technology reduces construction time and costs while enhancing sustainability by using eco-friendly materials and minimizing waste.

"Our commitment to advancing construction technology aligns with the UAE's infrastructure and sustainability goals," said Badar Rashid AlBlooshi, Chairman of 3DXB Group. "The positive market outlook supports our efforts to lead the industry toward a more sustainable and efficient future."

3DXB Group is prepared to support the UAE's substantial infrastructure investments, such as the $2.7 billion Sheikh Zayed double-deck road project and the proposed $5.9 billion hyperloop, with its cutting-edge technology. The company's recent achievement of setting a Guinness World Record for the largest 3D-printed villa showcases its capability to meet the demands of the growing market.

The sector's growth provides a promising landscape for 3DXB Group to expand its innovative and sustainable building practices. Integrating advanced technologies like AI, BIM, and construction management software further enhances the company's project efficiency and management capabilities, driving the sector toward a more innovative and sustainable future.

Source : www.zawya.com