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According to a new study, the UAE construction industry will develop during 2022, despite concerns about the increase in the cost of building materials needed to implement plans and financial opportunities available to developers.
The Royal Institute of Chartered Surveyors (RICS) said in its latest report that a «high level of activity» in the construction sector is expected in 2022.
Tarrant Parsons, an economist at RICS, said: «Sentiment in the Middle East construction industry as a whole continues to improve, as evidenced by the growth of the construction activity index for the fifth consecutive quarter».
As for the workload for the 4th quarter of 2021, almost 20% of respondents said that they continue to observe an increase in demand for construction work in the UAE.
The concerns reported by respondents focused on the lack of funding to ensure the viability of construction plans (82%) and the cost of materials (65%) as the main factors currently holding back the construction sector in the UAE.
