|
The construction boom started in the United Arab
Emirates in 1973 with the rise in oil prices and
subsequent increase in revenue. The country has the
world's fifth-largest crude reserve, and is
currently producing about 2.5 million barrels per
day (bpd) of which 90 percent was under Abu Dhabi.
All other emirates including Dubai have limited oil
reserves.
The ruler owns the land area of each emirates and he
is the ultimate land/property owner. A Dubai media
reports, the UAE construction industry was worth
approximately USD$700 billion in 2005/06.
Finance including billions of US dollars of GCC
Sheikhs is being invested in Dubai Emirate in colossal buildings and the vast
man-maid Islands.
Thousands of people are working simultaneously to
shape a cluster of world's biggest palm islands,
shaped like giant palm trees, the World projects of
300 plus islands shaped and arrayed like continents
on a map of the world, have been dredged out of the
Persian Gulf sand, and soon-to-be world’s tallest
building, the Burj Dubai.
UAE capital, Abu Dhabi is also embarking on new
projects with a speed not seen in the city since the
discovery of oil.
Abu Dhabi, who has enormous oil reserves, is racing
to catch-up with neighboring Dubai with a series of
fantasy projects designed to create a 21st century
Arab metropolis!
According to the official announcement of the
projects, that the world is going to hear much more
about Abu Dhabi's future iconic landmarks in the
coming years!
'The $3 billion Emirates Palace hotel, with its
$1,000-per-night rooms and $10,000 suites was Abu
Dhabi's bid to outdo Dubai's Burj Al Arab, the $1
billion sail-shaped hotel that has become a tourist
attraction'.
One of the sites at Saadiyat Island Abu Dhabi, a $30
billion project that includes 29 hotels, three
marinas, two golf courses, and housing for 150,000
people, says Barney Gimbel, the Fortune writer. (The
richest city in the world)
The labour intensive low technology construction
industry is supported by the UAE's 500,000 plus
migrant construction workers who come from South
Asian countries such as India, Pakistan and
Bangladesh, while the total migrant worker
population is 2,738,000, or 95 percent of the
workforce.
Updated: 09 - 04 - 07
|
