UAE Construction Sector Surges with 23% Growth in Activity Index, Achieves $87 Billion in Project Awards in 2023 Compared to $31 Billion in 2022
July 19, 2024 – Dubai, UAE: 3DXB Group, a pioneering leader in 3D printing solutions for the construction industry, is poised to capitalize on the UAE’s resilient construction market, which remains firmly positive with a project pipeline valued at $590 billion. Despite global challenges, the sector is seeing significant growth, particularly in residential and mixed-use projects, accounting for $125 billion and $232 billion respectively.
The UAE’s construction sector, demonstrating a +23% result in the Construction Activity Index, has shown remarkable progress. In 2023 alone, project awards reached $87 billion compared to $31 billion in 2022, highlighting significant strides in economic diversification and investment. This robust growth underscores the critical role of innovative solutions in meeting the increasing demand and overcoming financial constraints, high energy prices, and labour costs.
3DXB Group’s commitment to innovation and sustainability is at the forefront of this market expansion. The company’s advanced 3D printing technology significantly reduces construction time and costs while enhancing environmental sustainability by utilizing eco-friendly materials and minimizing waste.
“Our dedication to pushing the boundaries of construction technology positions us to contribute significantly to the UAE’s ambitious infrastructure and sustainability goals,” said Badar Rashid AlBlooshi, Chairman of 3DXB Group. “The positive market outlook further reinforces our efforts to lead the industry towards a more sustainable and efficient future.”
In alignment with the UAE’s substantial infrastructure investments, such as the $2.7 billion Sheikh Zayed double-deck road project and the proposed $5.9 billion hyperloop, 3DXB Group is prepared to support these transformative projects with its cutting-edge technology. The company’s recent achievements, including setting a Guinness World Record for the largest 3D-printed villa, demonstrate its capability and readiness to meet the demands of the growing market.
The UAE construction market is projected to grow from USD 41 billion in 2024 to USD 50.40 billion by 2029, with a CAGR of 4.26%. This growth trajectory provides a promising landscape for 3DXB Group to further expand its innovative and sustainable building practices.
Additionally, the integration of advanced technologies such as AI, BIM, and construction management software further enhances 3DXB Group’s project efficiency and management capabilities. This technological prowess is pivotal in driving the sector towards a more innovative and sustainable future.
3DXB Group is a leading innovator in the construction industry, dedicated to advancing the field through cutting-edge 3D printing technology. With a focus on sustainability, efficiency, and design excellence, 3DXB Group delivers transformative solutions that set new benchmarks in the construction sector.
