The overall value of construction activity in the UAE could well exceed Dh20 billion ($5.4 billion) this year, according to industry sources.

In Dubai alone, currently 730 multi-storeyed buildings are being constructed. This is apart from the residential neighbourhood projects undertaken by Emaar and Union Properties, said a report.

Recently, a joint venture between Union Properties and Dubai Investments, known as Property Investments, awarded the Dh168 million Green Community project contract to Belhasa Engineering and Contracting Co to build 213 villas and townhouses. The remaining parts of the Dh600 million project are expected to be awarded shortly, according to the report.

Despite the country achieving over 70 per cent of its infrastructure requirements, industry officials predict the sector will thrive due to creative initiatives taken up by the governments of different emirates.

The industry is also bracing for a qualitative change in their work, system, technology, nature and approach.