An estimation of about Dh7 billion to Dh10 billion worth of contracts is expected to be awarded to the Dubai’s developers and the above mentioned figure excludes the $20 billion project on Jumeirah Central.
Industry sources says that “If all of these tenders come to hit the market as expected, including some of the major works related to Deira Islands Mall and Meydan One Mall, the local construction sector will have a wave sized boost to work on”.
Benefits are expected to filter through the entire economy.
A senior official with a local developer also said. “The real estate and construction sectors in tandem can set the pace and the other sectors can then do their part. By the third quarter, ample liquidity should be flowing through the system”.
“Al Maktoum International Airport was the initial catalyst for the city to push its borders out and then came the Dubai Parks & Resorts development, which opens October 31. With Emaar South and Wholesale City, there are enough pulls to spread activity across a wider southern corridor” said an analyst.
According to Farhad Azizi (CEO of Azizi Developments) “There are more and more buyer demographics emerging in Dubai’s property market, maybe not in the numbers that investors have occupied to date. But they are there — Dubai’s developers need to change their product mix accordingly”.