After the severe 7 percent economy contraction last year, Abu Dhabi is now on its way to recovery. The country has been pushing domestic demand to rebound through expansionary fiscal policies and rapid COVID-19 vaccine immunization, resulting in a solid pace for the pre-pandemic level alongside the gradual rally of oil prices and OPEC+ production cuts imposed this year.
Abu Dhabi's construction market expects to grow according to the other economic sectors as the market reopens. With the country's non-oil private sector purchasing managers index expanding, the industry forecasts a 4.5 percent increase following the 4.2 percent contraction in the first half of 2021.
However, as countries globally slowly continue economic activities and allow tourism, Abu Dhabi plans to evolve with new developments to anticipate future demands from both domestic and international traffic.
One of the most awaited construction projects in Abu Dhabi includes a massive waterfront recreation and leisure hub located at the edge of the country, Al Maqta. The development of Al Qana was previously 90 percent finished, but the developers decided to postpone the progress due to the unforeseen circumstances of the COVID-19 pandemic.
Later this year, Al Qana expects to launch to invite consumers to participate in their range of restaurants, cinemas, national aquarium, and esports hub.
The national aquarium would feature over ten aquatic zones spread in over 5.000 square meters, double down in acting as a rehabilitation scheme due to a collaboration with Abu Dhabi's Environment Agency.
Yas Bay is already the known destination of the Etihad Arena. Still, the area will become host to over 15.000 individual housing and 10.000 commercial properties, including two Hilton hotels, schools, creative hubs, and retail spaces.
Today, one of the Hilton Hotels has already operated, offering five-star luxury facilities to cater to tourism needs at the Yas Bay.
Mina Zayed is the joint venture of Abu Dhabi's finest construction players, Modon Properties and Aldar Properties. The two parties plan to redevelop Abu Dhabi's port-side community that has long acted as the country's significant trading hub.
The already vibrant commerce hub would become a tourism and entertainment destination, offering Abu Dhabi's fresh sea products trade and encourage more activities in the area.
Located on the Saadiyat Island, the Zayed National Museum would devote its function to showcasing artifacts collections of Sheikh Zayed bin Sultan Al Nahyan, the country's founder. The museum would also contribute to Abu Dhabi's skyline scenery that caters to science, education, and conservatorship.
Aside from the projects mentioned earlier, Abu Dhabi also actively develops other significant developments, such as the USD 1.2 billion project Al Reem Mall on the Reem island and the Fairmont Marina Abu Dhabi. However, the success of the projects relies on the global tourism rebound pace and the ease of the COVID-19 pandemic.
Therefore, the positive growth of Abu Dhabi's construction sector requires both public and private players to tackle the uncertainty that lingers due to the unprecedented nature of today's market volatility.