According to a recent remark by an IMF official, the economic recovery of the UAE is gaining momentum and the country is all set to bounce back from the negative impact of the Pandemic by showing a strong and early response to the crisis. Thanks to the successful economic diversification, the non-oil GDP is likely to grow about 3% in the current year and going to improve in the medium term. The construction sector is carrying the essence of the UAE economy and this sector is expected to grow rapidly in coming years. The Dubai land department has recently reported that the sales transactions have increased a whopping 183.4% in the 2nd quarter of 2021 as compared to Q2 of 2020. But how does this economic miracle happen?
The data shown above is a clear sign of real estate booming in UAE and Dubai. According to another report, the construction market of the UAE was valued at $ 101.45 billion in the year 2020and is expected to grow at a rate of 4.69% by 2026. According to an urban construction development analysis of an online research publication house, The time when the pandemic first approached, the government of UAE has taken several measures to protect the construction industry and its workforce. They have created a digital portal for all engineering activities, made changes in the standard business practices, and has delivered planning and development stimulus to this sector, and has introduced virtual inspection of the construction sites. The banks have also played a vital role in supporting the construction business. The story has more to reveal and kindly read this blog to complete this fascinating story of UAE’s economic recovery.
The Role Of Construction Sector In Urban Development of UAE:
Earlier, Michael Pacione, the famous professor of Geography at the University of Strathclyde in his study has divided Dubai’s urban development into four different periods. 1900-1955, 1956-1970, 1971-1980, and 1980-2005. This study has cemented the fact that the importance of the construction sector in Dubai has been increasing gradually. But since the pandemic, the real estate sector is contributing to the overall recovery of the UAE’s economy. The UAE construction market is divided into various sectors including commercial constructions, residential constructions, industrial constructions, and energy & utility constructions. A recent urban construction analysis reveals that even though the sector has been impacted by the Covid-19, the government initiatives to build smart cities and digitization have brought back the growth in the construction sector. Experts believe that the construction sector will be playing an important role in recovering the UAE economy from the economic downturn caused by this pandemic.
Another important report states that tourism construction like hotels, restaurants, and resorts has also boosted the construction sector. Moreover, industrial constructions pipeline installation and building up logistics infrastructure have also played an important role in the economic expansion of the UAE.
The Role Of Data Intelligence Tool In Shaping Up Construction Sector:
The construction industry provides us with a vast amount of data collected from people, computers, machines, and other data-generating tools. The construction industry is expanding at a rapid speed and so does the data repositories consist of blueprints, building models, cost estimates, and communication frameworks. Before the inception of modern data intelligence tools, these repositories were often unstructured inaccessible. Thanks to the browser-based data intelligence tool, advanced analytics systems can analyze a complex set of information stored in these repositories.
Business intelligence tool is helping the industry to acquire new information from diverse sources like workers and employees, cranes, earthmovers, material supply chain, and contractors. Big data intelligence tool is also helping to plan and budget mega commercial projects. The economic recovery of the UAE is largely credited to the construction sector and the construction sector boom is possible due to the effective implementation of business intelligence tools. Urban development analysis helps us to understand that the rapid development of the construction sector in Dubai is possible due to the digitization and effective integration of big data.
Use Big Data To Stay Ahead In Construction Projects:
We hope that after reading this blog you have understood the role of the construction sector in recovering the economic health of the UAE. In addition, you have realized the role of business intelligence tools in digitizing and structuring this important sector. If you are thinking of undertaking any construction project in the UAE, big data can provide you with precious information and in-depth insights. Data intelligence tools allow the users to take accurate decisions by analyzing potential risks and returns. It can also help you to improve the overall efficiency of a construction project.
Big data analytics tools are helping construction companies to stay ahead of their competitors. However, the importance of picking out the right tool and technology is crucial to harness the potentiality of this sector. At this point, PROJECT INTEL can help you with the advanced tools and analytical support to ensure your success in the construction sector. We provide you with all-in-one tools to enhance your forecasting power, generate more fruitful leads, and manage your sales pipeline. Get in touch with us to know how can we help your construction business with big data analytics.