Demand for new mixed-use developments and buildings for the hospitality sector has helped to support Dubai’s construction sector.
The total value of mixed-use developments completed in 2018 was $1.7bn, 8 per cent higher than during the previous year.
The hospitality sector saw an even bigger increase in completed projects, with the total for 2018 coming to $1.6bn, a 32 per cent increase on the prior year.
Other areas that saw an increase in completed projects included commercial, retail and education.
|The 10 biggest real estate and construction projects completed in Dubai in 2017-18|
|Project||Project sponsor||Sector||Value ($m)|
|Marsa al-Seef (Dubai Creek development)||Meraas Holding||Mixed-use||408|
|Caesars Palace (Bluewaters development)||Meraas Holding||Hospitality||381|
|Dubai Mall: Fashion Avenue expansion||Emaar||Retail||380|
|Reem: Mira Community||Emaar||Residential||338|
|Bluewaters Island: Wharf Retail||Meraas Holding||Retail||327|
|Palm Jumeirah: Serenia Residences||Banian/Palma Real Estate||Residential||290|
|Dubai Safari||Dubai Municipality||Leisure||272|
|Bulgari Resort Hotel & Marina Village||Meraas Holding||Mixed-use||264|
|St Regis Polo Resort and Club||Al-Habtoor Group||Mixed-use||245|
|Remraam housing community||Dubai Properties||Residential||150|
|Source: MEED Projects|
Key projects completed in 2018 included Meraas Holding’s Marsa al-Seef (Dubai Creek development) and its Caesars Palace (Bluewaters development) project.
With contract values of $408m and $381m respectively, they were the two biggest real estate projects completed in Dubai during the 12-month period.
The Marsa al-Seef project included the construction of a floating market, three hotels with a total of more than 500 rooms, restaurants, art galleries and shops for Emirati handicrafts.
Caesars Palace has about 300 hotel rooms and 119 serviced apartments.
Despite increased activity in the hospitality sector, the total value of completed real estate and construction projects declined slightly for a second year in a row in Dubai.
In 2018, the total value of projects completed was $11.1bn, down 6 per cent from the previous year. In 2017, the value of projects competed declined by 18 per cent from 2016.
The construction area that saw the biggest decline in 2018 was residential. Projects worth $5.3bn were completed during the year, 26 per cent less than in 2017.
The MEED Projects Awards 2019 in association with Mashreq recognise the best projects in the GCC. Reflecting the latest market trends, this year’s awards feature 17 different categories for entries. If you have been involved in a project completed in 2017 or 2018 that you believe deserves to be recognised, you can submit your entry at: MEED Projects Awards 2019.
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