Building construction industry in United Arab Emirates is expected to record a period of negative / low growth over the next 8 quarters, driven by economic downturn triggered due to Covid-19 outbreak.
The building construction industry in United Arab Emirates is expected to record a CAGR of 6.7% to reach AED 183.2 billion by 2024. The residential construction industry in value terms increased at a CAGR of 6.7% during 2015-2019. The commercial building construction market in value terms is expected to record a CAGR of 9.1% over the forecast period.
While impact across building construction sectors varies, residential, commercial, and industrial segments are expected to be worst affected. Business and consumer sentiment is expected to be on a slow track to recover due to pandemic, resulting in prolonged distress building construction sectors. In the residential sector, affordable housing is expected to stay least affected, supported by a mix of public and private spending. Mid-tier and luxury residential construction segments are expected to be severely impacted.
Whether it is dealing with labor shortages, collecting retainage or preparing for the ever-changing regulatory landscape, those in the construction industry never seem to have a lull in the action. This audit and accounting resource guide supplies insights and reference material for your construction business and reviews some of the recent changes in the industry.
We know you’re under immense pressure to stay competitive. We can help you navigate these shifting demands, so you can focus on what you do best: building value.
We recognize that construction and real estate companies face unique challenges and opportunities at each point in their development.
Our team is passionate about helping businesses like yours uncover these risky and opportune moments, so you can lay a strong foundation for future sustainable growth and profitability. Our purpose is to help you achieve your goals.
We provide a complete business solution for construction contracting and real estate businesses. We offer traditional accounting services such as assurance and tax along with advisory and technology solutions specifically geared towards businesses like yours.
We have the resources to assist your company with strategic planning, operational reviews, succession planning, surety bond assistance, cash management, claims and litigation support, valuations, benchmarking studies, and much more.
Our team advise on real estate-specific issues and strategies such as:
Get in touch to find out how ALYA’s team of specialists in auditing & accounting for the construction and real estate sector can help your business to grow and succeed.