Dubai has signed real estate projects worth over $110bn in November alone, thereby making the total preliminary/early stage projects to $199bn in UAE alone, said a Citi report.
The global bank, in its new Mena Construction Project Tracker report, said that one of the important points to be noted is that UAE projects now stand at $199bn, marking an increase of 127 percent from $88bn in October, a Citi report said.
The early stage projects in the MENA region has increased by 17percent, to $655bn since October, and UAE has surpassed Saudi Arabia in the early stage projects category. The early stage projects in Saudi Arabia are worth $172bn, it said.
During the fourth quarter of 2012, a series of mega projects were announced by Dubai government and private entities. Dubai made the biggest announcement in November, with the launch of ‘Mohammad Bin Rashid City’, which comprises a family centre for leisure and entertainment, in collaboration with Universal Studios; the largest shopping mall in the world with more than 100 hotel amenities to meet needs of visitors, namely the Mall of the World.
In the same month, Dubai also approved the development of Dh.10bn destination with five distinct theme parks based on movies, animals and fun characters that appeal to all demographics.
In October, private developers took the stage with Link Global Group announcing plans to build $1bn Taj Arabia project and Sobha Group launching Sobha City, a project that spreads across 8 million square feet of land in Meydan City, while Dubai also endorsed the Dh.1.5bn Business Bay Canal Project, and Meydan Group launched the Hadaeq Sheikh Mohammed bin Rashid and Meydan Tower.
The Citi report pointed out that this is the first time, since the first quarter of 2010 that UAE has shown growth in terms of projects planned and underway. The market has shown 6percent year-on-year growth touching $614bn, driven by recently announced Dubai mega real estate projects.
On the other hand, although the percentage of delayed and cancelled projects in UAE has decreased by 7 percent, the country still tops the list of delayed and cancelled projects worth $703bn.