Value of UAE project awards ‘up 42.6% in Q1’
Dubai and Abu Dhabi saw a significant increase in activity, ahead of that in the wider Arabian Gulf, which saw a 22% rise in the value of projects awards quarter-on-quarter.
“The outlook for UAE project awards for the remainder of 2017 looks robust given the number of projects close to being awarded. Notably, $3 billion of projects have already been awarded in the second quarter. A strengthening in investment activity is largely behind our stronger real non-oil GDP growth outlook,” Monica Malik, Chief Economist of Abu Dhabi Commercial Bank, was reported as saying.
All GCC countries witnessed a quarterly rise in project awards in the first quarter with the exception of Saudi Arabia, Gulf News reported.