A boat sails on a night ride at the Dubai marina with a view of the Gulf emirate's skyline in the United Arab Emirates on Dec 15, 2023. (PHOTO / AFP)

ABU DHABI - The construction market size in the United Arab Emirates was $94 billion in 2023, and the market will achieve an average annual growth rate of more than 3 percent from 2025 to 2028, according to a report released by a data analytics and consulting company.

The growth is attributed to the increase in investments in transport and renewable energy infrastructure, with improvements in the electric vehicle market, according to London-based GlobalData's report.

Residential construction captured the highest share of the UAE's construction market last year, the report showed.

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It also indicated that the real estate sector continued its growth momentum with expectations that the sector will maintain good growth rates during the current year 2024, supported by the launch of qualitative infrastructure projects and investments by the government and the private sector.