The construction market in the UAE and Saudi Arabia is set to experience significant growth, driven by the adoption of ChatGPT and technology advancements. According to a report from Dubai-based sustainable property developer ZāZEN Properties, around 90% of construction decision-makers in both countries are optimistic about market conditions, with expectations of their projects appreciating in value within the next year.
Several factors contribute to this positive outlook, including the rapid advancement of technology, accelerated digitalization, robust economic performance, favourable geographical location, and increased implementation of sustainable initiatives. ChatGPT, a revolutionary AI-powered language model, has gained tremendous popularity, amassing 1 million users within its first five days of launch. Its impact is evident across various industries and is acting as a catalyst for a digital renaissance in the construction sectors of the UAE and Saudi Arabia.
The construction industry has already embraced this transformative process, with 80% of decision-makers in both countries reporting increased investment in future technologies over the past three to six months. This widespread adoption of technology is expected to yield cost savings, particularly in off-plan projects.
Sustainability plays a crucial role in shaping the construction landscape. ZāZEN Properties’ co-founder and COO, Madhav Dhar, highlights the benefits of sustainable integration, including reduced building operational costs, a lower carbon footprint, and healthier communities. The UAE has demonstrated global leadership by mandating sustainable initiatives such as the Dubai 2040 Urban Masterplan and UAE Net Zero 2050. These initiatives not only advance the country’s sustainable agenda but also contribute to global efforts in decarbonizing the built environment and promoting green real estate.
The UAE’s commitment to sustainability not only mitigates the challenges of global warming but also makes it an attractive destination for investors and expatriates seeking stable and environmentally conscious environments. Studies have shown that buildings meeting current sustainability standards and energy efficiency ratings command higher resale values, further emphasizing the importance of sustainable practices.
With COP28 on the horizon, construction decision-makers, real estate developers, and the entire property sector must come together to build a greener future. By collaborating and embracing sustainable technologies, the industry can drive positive change and create a more environmentally friendly and resilient built environment for future generations.
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