Dublin, Oct. 28, 2020 (GLOBE NEWSWIRE) -- The "United Arab Emirates Projects, H2 2020 with COVID-19 Impact Update - MEED Insights" report has been added to ResearchAndMarkets.com's offering.
It has been a difficult 12 months for the United Arab Emirates Projects, market. Previously viewed as a stable market relatively immune to the oil price, it posted a substantial fall in total project awards in 2019 to just over $31bn from $48bn the previous year.
The United Arab Emirates Projects, market has had a more difficult first half of 2020 than its neighbours with contract awards down more than a third on the same period last year. As with neighbouring markets Covid-19 has been a factor but it has masked the fact that the market was already in sharp decline thanks to oversupply in its real estate sector.
The issue is compounded by the federation's exposure to the global tourism shutdown and a decrease in aviation and retail spending. Despite a series of government announcements and initiatives to stimulate the economy, it is clear that it will be sometime before the market can return to its pre-2015 levels.
In the absence of a vibrant property sector, contractors and consultants will increasingly look to the government infrastructure sector as a source of new project opportunities. Water, power, road and other transport infrastructure will take on a greater significance as companies seek to win a smaller pool of new business opportunities.
Many project companies active in the federation have reacted by lowering margins in the face of increased competition or by focusing on other countries, particularly Saudi Arabia. Others have downsized to cut costs or left the market altogether.
In this challenging environment firms will have to be smart in order to prosper. Selecting the right clients, specialising in niche sectors, and introducing novel technologies are all tools companies can harness in order to stay ahead of the competition.
It is not all doom and gloom, however. Some sectors, specially water and renewable energy, are growing. Oil and gas spending in Abu Dhabi is also forecast to increase over the coming year.
Likewise, the pipeline of Projects, in the United Arab Emirates sits at more than $670bn. Although there are undoubtable challenges in the short term, the long term prognosis is still relatively healthy. Regardless of what happens, the United Arab Emirates market will remain one of the largest Projects, markets in the region.
Reasons to Buy
Opportunities and challenges in the United Arab Emirates's Projects, market
Analysis of the pipeline of planned Projects, and contract awards
Key policies and drivers shaping the outlook for Projects, in the United Arab Emirates
Political and economic background
The barriers and challenges that may arise
Sector-by-sector breakdown of future project plans
Key drivers of Projects, in each sector
The United Arab Emirates' most valuable key Projects, and major project sponsors
Key Topics Covered:
UAE Country Overview
UAE Projects Market
Impact of COVID-19 and Latest Forecasts
Oil and Gas
Power and Water
List of Tables
Biggest planned and un-awarded projects in the UAE
Top Oil and Gas Sector Projects
Top Construction Sector Projects
Top Transport Sector Projects
Top Industrial Sector Projects
Top Power and Water Sector Projects
For more information about this report visit https://www.researchandmarkets.com/r/qwsz48
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900