BMI View: We maintain our forecast for 2013 construction industry real growth of 4.8% and see upside risks to our forecasts for 2013 and 2014, stemming from the buoyant activity we are witnessing in Dubai in particular; and expecting Abu Dhabi to follow suit. This is despite a large revision in historical data by the UAE authorities. Significant public spending, a growing tourism sector, increased direct foreign investment and an improved business environment are all driving activity in the construction sector. However, we are now seeing a moderated scale of future projects, in line with a more realistic demand picture. …
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