The construction sector in UAE is all set to show a record growth of almost 6 to 10 percent in 2020 in spite of problems like extended deadlines and tight budgets.
Over 50 percent of the industry leaders surveyed in the UAE for a Global Construction Survey mentioned that the construction sector in the country is resilient and is slated to grow because of increasing investment in technology innovation. Therefore, company formation in Dubai in this sector is going to be profitable.
On the other hand, the country’s professionals were still divided on the question if the UAE companies are completing projects within the set timelines and budget, with timelines (44 percent) and cost overruns (44 percent) positioning as the top obstacles facing capital construction projects, as per the survey.
However, the survey report stated that these challenges of timelines and budgetary constraints are being tackled as the industry has adopted practises and procedures to link governance to the outcomes of the projects. The industry leaders in UAE realise that well-managed and executed projects with right management practices and suitable controls are more probable to attain broad measures of success in the future. For people planning business setup in Dubai free zone, these are the few things to be kept in mind.
Other than that, the UAE is already experiencing technological disruption in this sector due to 3D printing and automation. As per the survey’s global findings, the usage of robots in this field, intelligent tools, unmanned aerial vehicles and equipment would continue to automate many repetitive, less complex but high-risk tasks, resulting to a workforce which is even more leaner, specialized and digitally-enabled.
Over 80 percent of the leaders who were surveyed in the UAE were of the opinion that digital modular fabrication is going to be widely implemented in the coming 10 years, which would be followed by intelligent construction equipment (56 percent) and robots (25 percent). Another aspects would be usage of data analytics and predictive modelling, which is likely to play a significant role in the coming five years.
It is being believed that the construction sector is actually the lifeblood of the economy of UAE. The industry leaders are of the opinion that the industry is anticipating single- to double-digit growth in 2019. As the pace of disruption speeds up, the sector leaders would have to consider executing a three-pronged approach to justify governance and controls, enhance human performance and revolutionize with technology to become fully future-ready.
To summarise, a strong workforce coupled with good technological investment is the need of the hour for the sustainable growth of the construction sector in the UAE. It is actually the people who form the backbone of the industry and the sector’s leaders should invest in human capital to spur overall performance and make sure that project deliveries are on track.