RIYADH: The UAE’s construction output is projected to reach $130.8 billion by 2029, a 22 percent increase from 2024, as state-led projects drive growth, according to a new analysis.
In its latest report, global consulting firm Knight Frank estimated output at $107.2 billion in 2024, with expansion forecast at about 4 percent annually.
The rise in construction output reflects a broader trend across the Gulf Cooperation Council, where countries are steadily diversifying their economies and reducing reliance on crude revenues.
A July Knight Frank report projected Saudi Arabia’s construction output to hit $191 billion by 2029, up 29 percent from 2024, on the back of giga-projects, housing demand, and office development.
Commenting on the latest report, Faisal Durrani, partner, head of research of Knight Frank in the Middle East and North Africa, said: “The UAE construction industry is in a period of robust growth and transformation, driven by economic diversification, tourism and strategic infrastructure investments, particularly in housing, transport and smart cities.”
