Stalled Construction Projects Get New Funding in Dubai

There is no question that the construction sector was hit the hardest over the last year as the world’s economy hit crisis mode and many large construction projects came to a screeching halt. If this past week’s news is any indication, things are about to look up for the construction sector in Dubai.

The Dubai government has launched the Tayseer program, which provides government backed loan guarantees aimed at getting stalled construction projects the funding needed to resume construction. Once these targeted projects are moving again, it is expected that the financial institutions will be more confident in providing funding for other construction projects throughout Dubai.

In addition to the Tayseer program, which will have a significant and immediate positive impact on the construction sector, several major construction projects have made the news recently. The Louvre Abu Dhabi museum has extended deadlines for contractors to bid on this massive project. AA Properties Dubai announced its plans to award a $54 million contract for the building of luxury homes on Taiwan island.

All of the news surrounding the construction sector leads to one important conclusion. Confidence in Dubai’s economical future is on the upswing, and the job market will be hiring the people the support the projects that are finally getting the funding and attention they deserve. If you have been considering a career in Dubai’s construction sector, now is the time to put your plans into motion or miss the opportunity to take advantage of the action that is coming over the next few months.