Dubai 2040 Urban Master Plan’s impact on the Construction Industry

dubai 2040 urban master plan

UAE, DUBAI : On 13 March 2021, the Prime Minister of the UAE unveiled the ambitious Dubai 2040 Urban Master Plan. The plan emphasises sustainable urban development for Dubai’s growing population.

Dubai’s population is expected to grow from 3.3 million to 5.8 million for the period from 2020 to 2040.

According to the Prime Minister, the Dubai 2040 Urban Master Plan aims to create “the world’s best quality of life” and the “highest standards of urban infrastructure and facilities.”This includes improved interconnectivity by ensuring 55% of the population will live within 800m of a main public transport station. Greenery would also be a key aspect of the plan as 60% of Dubai will be nature reserves.

Key aspects of the Dubai 2040 Urban Master Plan are:

  • Development of five urban areas (Deira/Bur Dubai, Downtown/Business Bay, Dubai Marina/JBR, Expo 2020 and Dubai Silicon Oasis)
  • 25% increase in spaces for educational and health facilities
  • 134% increase in spaces for hotels and tourism
  • Increase in spaces for commercial and industrial activities to 168 square kilometres
  • 400% increase in public beach spaces

Images of the Dubai 2040 Urban Master Plan also hints at a potential third airport near the Dubai Silicon Oasis although there has not been any firm details.

The Dubai 2040 Urban Master Plan will enhance Dubai’s status as one of the preferred locations in the Gulf for foreign businesses and expats as Saudi Arabia continues its transformation to become a global investment powerhouse and the “heart of the Arab and Islamic worlds”. The Saudi Arabia’s Vision 2030 plan aims to double the size of the country’s capital Riyadh and require foreign companies looking to obtain government contracts to relocate their headquarters to the kingdom.

In any case, with increased public spending, there will be more construction projects to go around. There is little doubt that these plans would give a much welcomed boost to the region’s construction sector which experienced a slowdown due to the ongoing Covid-19 Pandemic. Market researchers anticipate that the construction industry in the Middle East & Africa region is expected to record a CAGR of 10.2%, reaching USD 715 billion by the 2024.

Source:
https://gulfbusiness.com/sheikh-mohammed-launches-mega-dubai-2040-urban-development-plan/
https://www.thenationalnews.com/uae/dubai-2040-everything-you-need-to-know-about-the-urban-master-plan-1.1183432
https://www.arabianbusiness.com/construction/460257-dubai-2040-plan-will-strengthen-allure-of-the-emirate-says-leading-economist
https://www.businesswire.com/news/home/20200922005520/en/Middle-East-and-Africa-Construction-Market-Size-Forecast-2015-2020-2024-with-COVID-19-Update-Q2-2020—ResearchAndMarkets.com
https://www.thenationalnews.com/uae/government/dubai-2040-how-urban-master-plan-will-transform-the-lives-of-residents-1.1187449
https://www.thenationalnews.com/uae/government/dubai-2040-urban-plan-to-revitalise-the-post-pandemic-property-market-1.1184673

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