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Tourism to boost UAE construction
The tourism sector will boost construction in the United Arab Emirates, according to a new report.
The UAE Construction Industry Outlook to 2012 report, carried out by RNCOS, the industry research solutions firm, said that the UAE will account for 86 per cent of the total tourism-related projects investment in the region by 2018, equating to AED858bn (US$233bn, 181bn euro, £151bn).
With the expansion of tourism industry in the past few years, demand for infrastructure and tourism projects has grown in the country. As a result, several new projects have been announced to tap the opportunity created by the growing demand for hotels and theme parks.
The UAE is expected to invest more than 14 times the investments made by its immediate competitor, Oman, followed by Qatar, Bahrain, Saudi Arabia and Kuwait.
Various national and international developers are launching large scale projects and thus driving the level of investments in infrastructure and construction activities.
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