Sharjah could award up to AED 11 billion (US$3 billion) of construction projects by the end of 2014, according to a new report by Meed Projects. The report, which takes into account all known construction and transport projects in Sharjah with an estimated value of over AED18.3 million (US$5 million), predicted a bumper year for construction in the Emirate.
According to the report, a U$95 million project for Dana Gas for the Zora Gas Field Development and around $200 million worth of private sector real estate projects have already been awarded since the beginning of the year. More than US$6 billion worth of construction projects are scheduled for award between now and 2018. Analysts estimate that Sharjah already has US$2.3 billion in transport infrastructure projects planned.
“Sharjah is just beginning to capitalise on its earlier investments in Hamriyah Free Zone and Khor Fakkan,” said Julian Herbert, director of Meed Projects. “Based on economic growth and growth in the population of the UAE as a whole, this emphasis on transport, the processing of recyclable materials and manufacturing, positions Sharjah well to grow in tandem with the UAE.”
The report estimates that Sharjah construction projects totaled $2.7 billion in 2012 and $2.4 billion in 2013, in line with the increase in public and private sector projects. Meed Projects also identifies major upcoming projects in waste management, recycling and waste-to-energy worth nearly half a billion dollars.
Source: MEED Projects