The building construction industry is expected to continue to expand over the forecast period (2018–2022), driven by investments in transport, energy and social infrastructure development projects under various programs such as the Strategic Plan 2021, the Energy Strategy 2050, Sheikh Zayed Housing Program, Dubai Tourism Strategy 2020 and the National Strategy for Higher Education 2030. The upcoming World Expo 2021, to be hosted by Dubai, is expected to be a major growth driver.
Industry growth will also be driven by the UAE Vision 2021 and Abu Dhabi Economic Vision 2030, under which the government marks industrialization, diversification and privatization as growth opportunities.
The industry in United Arab Emirates is expected to record a CAGR of 8.8% to reach AED 248.7 billion by 2024. The residential construction industry in value terms increased at a CAGR of 6.7% during 2015-2019. The commercial building construction market in value terms is expected to record a CAGR of 11.6% over the forecast period.
With such boom in the construction and building sector across the region, wood and woodworking machinery industry is bound to be benefited and will increase the demand for sustainable products and technologies.
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