ID :
150687
Mon, 11/22/2010 - 15:04
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Shortlink :
https://oananews.org//node/150687
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Over US$23b up for grabs in the UAE construction industry: report
Abu Dhabi, Nov 22, 2010 (WAM)- The Big 5 2010, the largest building '&' construction exhibition in the Middle East, has ensured an optimistic start to the show as it reveals that over US$23 billion in construction contracts are ready to be awarded in the UAE market, according to a report by organisers of the event.
The Ventures-dmg GCC Building Construction Industry Report 2010, developed for The Big 5, has conducted an in-depth critical analysis of five sub sectors of the building and construction sector, including retail, commercial, residential, tourism and leisure, looking at their growth in the current economic climate.
The report reveals that in 2010 an estimated US$72 billion in construction contracts in the GCC will have been rewarded, with US$23.5 billion of that in the UAE. In actual construction spend, in the corresponding period in the GCC, the estimated figure is US$54 billion with the UAE also at US$23.5 billion.
Due to the huge amounts of contracts awarded in the boom time of 2007 and 2008 in the UAE, the total construction spend in the industry remained healthy on the back of these, but meant that in 2010, the market suffered. However, construction spend is expected to gather pace in 2011/12 due to the number of Government infrastructure projects moving to build phase and the continual development of Abu Dhabi's ambitious 2030 programme.
Cynthia Corby, Audit Partner and Construction industry leader at Deloitte in the UAE who are sponsors of The Big 5 Conference 2010 and have recently published The GCC Powers of Construction, said "This year's publication explores the thornier issues affecting the construction industry and tackles a plethora of imminent topics. Sponsoring the exhibition stems from our belief in its potential as a networking hub for key players within the construction industry in the GCC and wider Middle East." She continued; "The book that we have produced contains a range of articles on industry themes and trends. With the publication coming at a time of a global economic downturn, it would be impossible not to include an analysis of the effect of the downturn on construction in the GCC".
One of the most promising of sub sectors is the UAE Retail Segment Construction market. As the largest shopping destinations of the world, the UAE economy thrives on the back of revenues from the retail sector. With the retail market maturing and attracting leading international brands, construction has had to keep up in terms of technology and design, to create world class shopping malls to suit. Due to high tourist and expatriate visitors to these outlets, retail spending is high despite the economic slowdown, and so the UAE's retail construction market is likely to resume a moderate growth up to 2012.
Andy White, event director of The Big 5, added: "Our event has moved with the industry and has gone through the same journey it has to come out the other side of a difficult few years. The research by Ventures on behalf of The Big 5 highlights a steady optimism for the industry, in the UAE and the region generally, and there has been a real buzz leading up to this year's event." As the largest event of its kind for the building and construction industry in the Middle East, The Big 5 provides an unrivalled platform for architects, engineers, contractors and developers from the public and private sectors to network, source and specify the latest building and construction products and services. Featuring National Pavilions from all major exporting countries of the world, The Big 5 provides the most comprehensive product offering for the building and construction industry. – Emirates News Agency, WAM
The Ventures-dmg GCC Building Construction Industry Report 2010, developed for The Big 5, has conducted an in-depth critical analysis of five sub sectors of the building and construction sector, including retail, commercial, residential, tourism and leisure, looking at their growth in the current economic climate.
The report reveals that in 2010 an estimated US$72 billion in construction contracts in the GCC will have been rewarded, with US$23.5 billion of that in the UAE. In actual construction spend, in the corresponding period in the GCC, the estimated figure is US$54 billion with the UAE also at US$23.5 billion.
Due to the huge amounts of contracts awarded in the boom time of 2007 and 2008 in the UAE, the total construction spend in the industry remained healthy on the back of these, but meant that in 2010, the market suffered. However, construction spend is expected to gather pace in 2011/12 due to the number of Government infrastructure projects moving to build phase and the continual development of Abu Dhabi's ambitious 2030 programme.
Cynthia Corby, Audit Partner and Construction industry leader at Deloitte in the UAE who are sponsors of The Big 5 Conference 2010 and have recently published The GCC Powers of Construction, said "This year's publication explores the thornier issues affecting the construction industry and tackles a plethora of imminent topics. Sponsoring the exhibition stems from our belief in its potential as a networking hub for key players within the construction industry in the GCC and wider Middle East." She continued; "The book that we have produced contains a range of articles on industry themes and trends. With the publication coming at a time of a global economic downturn, it would be impossible not to include an analysis of the effect of the downturn on construction in the GCC".
One of the most promising of sub sectors is the UAE Retail Segment Construction market. As the largest shopping destinations of the world, the UAE economy thrives on the back of revenues from the retail sector. With the retail market maturing and attracting leading international brands, construction has had to keep up in terms of technology and design, to create world class shopping malls to suit. Due to high tourist and expatriate visitors to these outlets, retail spending is high despite the economic slowdown, and so the UAE's retail construction market is likely to resume a moderate growth up to 2012.
Andy White, event director of The Big 5, added: "Our event has moved with the industry and has gone through the same journey it has to come out the other side of a difficult few years. The research by Ventures on behalf of The Big 5 highlights a steady optimism for the industry, in the UAE and the region generally, and there has been a real buzz leading up to this year's event." As the largest event of its kind for the building and construction industry in the Middle East, The Big 5 provides an unrivalled platform for architects, engineers, contractors and developers from the public and private sectors to network, source and specify the latest building and construction products and services. Featuring National Pavilions from all major exporting countries of the world, The Big 5 provides the most comprehensive product offering for the building and construction industry. – Emirates News Agency, WAM
