According to the SZ&W Group, the global market for green building material is expected to be worth $406 billion by 2015, driven largely by environmental consciousness, high energy costs, and the understanding that green buildings contribute to long-term benefits such as improved efficiency, cost savings and higher production. As costs of green building materials drop, they are becoming increasingly popular the world over, a recent research revealed.
Governments around the region are enacting legislation to bring the industry into line with green building standards. Recently, Abu Dhabi rolled out the Arab world’s first specialized green building rating system, Estidama. All new development in the emirate must comply with the standards set by the system, including commercial and government projects. Dubai too has been driving change through increasing implementation of LEED standards across the construction industry.
A growing demand for green building material has been noted in the regional real estate industry. This is driven by the increasing stress on implementation of green building standards by local governments and civil authorities.