UAE Construction Regains Confidence

The awarding of multiple construction projects, worth almost $1 billion (Dh3.67 billion), by, or to UAE-based companies in a single day is a clear signal of confidence seeping back into the region's economies, analysts said. The first four months of this year have seen a clear up-tick in contracts being awarded in the real estate and oil and gas sectors, especially in the UAE and Saudi Arabia. Damac Properties said it has awarded the main construction contract for its Damac Heights residential project at Dubai Marina to Arabtec Holding. The Dh500 million contract was signed this week and work is expected to commence soon. Saudi Tabreed Cooling Company, a subsidiary of the UAE's National Central Cooling Company, yesterday said it signed a 1.84 billion Saudi riyal (Dh1.79 million) deal with Saudi Aramco to build a central district cooling unit. The project, financed by Banque Saudi Fransi, will be implemented on a build-own-operate basis, Tabreed said.