中东和北非建筑市场报告2023年H1-英-28页

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Construction

Market Intelligence

MENA | H1 2023

Contents

Benchmarking

In focus: JLL speaks

to the client sector

Tender price inflation

MENA overview

Construction growth

Projects market

Market factors

Construction Market Intelligence

Throughout the first half of 2023, the global economy continued

to face ongoing pressures as challenging conditions persisted due

to additional interest rate hikes, high levels of inflation, and a slow

recovery in trade. This has resulted in uncertainty persisting in the

construction sector, as the increasing cost of financing projects

creates challenges and unpredictability for future investments.

Despite the challenges, the real estate sector demonstrated

resilience, delivering a robust performance in 2023, especially in

the residential segment. The residential market across the MENA

region recorded an upswing in performance, with notable increases

in year-on-year sales prices as of June 2023. Cairo experienced

the most substantial increase at 38%, followed closely by Dubai at

17%. Villa prices in Riyadh and Abu Dhabi also saw growth, with a

5% and 3% increase, respectively. During the same period, rental

prices continued to face upward pressure, with Dubai recording the

highest year-on-year increase of 23%, followed by Cairo with 18%

and Abu Dhabi with 1%.

For the period of January to June 2023, total residential

transactions in the UAE (Dubai and Abu Dhabi) were valued at AED

169 billion, compared to AED 106 billion recorded for the same

period in 2022. Similarly, Saudi Arabia recorded total transactions

of SAR 74.3 billion up to May 2023.

Looking at the future supply in the residential sector for the

remaining six months of 2023, there are 31,000 units anticipated

to enter the market in Saudi Arabia, Egypt has 25,000 planned

deliveries, and the UAE has 24,000.

The hospitality sector, especially within the UAE project market,

also exhibited robust performance. In the second half of 2023, there

are plans to add 6,400 hotel keys to the existing stock in the UAE.

Saudi Arabia is expected to deliver 1,900 keys, while Egypt (Cairo) is

expected to add 900 keys.

According to estimates from the World Travel and Tourism Council,

the UAE’s travel and tourism sector is expected to contribute

around 10% to GDP. In the first half of 2023, Dubai International

Airport recorded over 41 million passengers, surpassing 2022 levels

MENA overview

by nearly 50%. Additionally, the passenger forecast for 2023 was

revised to 85 million from 83.6 million.

In 2022, the UAE experienced its highest-ever foreign direct

investment (FDI) inflow of AED 84 billion dirhams (USD 22 billion),

representing a 10% year-on-year increase, the highest in the GCC

region. The UAE’s Ministry of Investment aims to boost FDI inflows

to USD 150 billion in foreign investment by 2031. Furthermore,

Saudi Arabia recorded the second-highest FDI inflow in the GCC,

reaching USD 7.8 billion in 2022. FDI impacts economies positively

by addressing investment gaps and supporting the establishment

of new businesses. It also contributes to job creation and supports

local workforce development, aligning with the Emiratisation

and Saudisation agendas. According to data from UNCTAD, Egypt

recorded FDI inflows of USD 11.4 billion in 2022, more than double

the USD 5.1 billion noted in 2021.

The UAE is preparing to host the United Nations Climate Change

Conference (COP 28) in Q4 2023. This highly anticipated event has

sparked excitement within the construction sector, as industry

professionals are keen to observe potential legislative changes that

may be triggered both locally and across the MENA region, with a

requirement to reduce carbon emissions by 43% by 2030.

The built environment currently accounts for 40% of global

annual emissions, underscoring the immense potential for carbon

reduction in building operations, materials, and construction

practices. Insights from the construction sector indicate

that organisations have commenced the implementation of

roadmaps for carbon reduction or neutrality, although progress

is still ongoing.

There is uncertainty regarding the implications for existing real

estate stock; however, there is notable engagement within the

sector as meaningful conversations around sustainability and

carbon reduction take place. The expectation is that COP 28

will serve as a catalyst for greater action and propel essential

changes in the construction sector’s approach to addressing

climate change.

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www.jll-mena.comConstructionMarketIntelligenceMENA|H12023Contents05Benchmarking06Infocus:JLLspeakstotheclientsector07Tenderpriceinflation01MENAoverview02Constructiongrowth03Projectsmarket04Marketfactors2ConstructionMarketIntelligenceThroughoutthefirsthalfof2023,theglobaleconomycontinuedtofaceongoing...

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