Gulf construction boom 'tops $2.4 trillion'
Dubai, November 25, 2007
The construction boom in the Gulf region has reached new heights, with 2,837 projects estimated to be worth in excess of $2.4 trillion now underway, the majority of development being carried out in Saudi Arabia and the UAE.
The phenomenal scale of current and planned projects across the GCC was highlighted today as the Big 5 PMV, a major new industry event launched on the back of huge Middle East construction growth, opened in Dubai.
According to research by database company Proleads, which monitors regional construction projects across all industry sectors, the biggest construction project currently underway in the region is the King Abdullah Economic City in Saudi Arabia valued at $120 billion.
This is followed by the $86 billion Silk City Project in Kuwait and Dubailand in the
UAE, valued at $60 billion. The research also shows that, when additional developments currently at the early planning or concept stage are also taken into account, the Gulf countries account for a total of 3,519 projects worth $2.527 trillion.
Massive developments like this have turned the Middle East into the world’s biggest market for plant, construction vehicles, machinery and equipment, and the Big 5 PMV, taking place this week at Airport Expo Dubai, is giving manufacturers and suppliers a new window of opportunity to capitalise on the construction boom.
Organised by Streamline Marketing Group in partnership with dmg world media and running until Thursday (November 29), the Big 5 PMV (www.big5pmv.com) is giving a new dimension to the Big 5, the region’s most influential construction and contracting event which continues for a 28th year at Dubai International Exhibition Centre.
The event has attracted over 240 key manufacturers and suppliers from 24 countries who are displaying a huge range of plant, machinery and construction vehicles.
Laith Kubba, director of Streamline Marketing Group, said: “We’re excited to launch this new event which is dedicated to suppliers and manufacturers of construction plant, machinery and vehicles. All of the participating companies have a unique opportunity to meet face to face with key buyers from across the region and overseas and increase their presence in the region’s booming construction market.”
The vast array of current and planned projects across industry sectors including civil, industrial, power and water, has made the region one of the largest markets in the world for construction supplies and machinery.
Streamline Marketing Group director Nick Webb said: “There was a huge need for a dedicated trade show to cater for this important part of the construction industry and the Big 5 PMV is the biggest single sector launch event that Dubai has ever seen. The exhibition covers over 30,000 sq m of exhibition space including a dedicated outdoor arena, where a huge selection of the latest innovations in construction equipment is on show.”
The Big 5 PMV features five national pavilions with representation from Germany, Austria, Italy, Korea and France. A series of seminars and interactive workshops will be staged throughout the exhibition, providing trade professionals with an educational and informative platform to learn about the latest developments in the region.
Today’s seminar programme includes a presentation from the director of the Dubai Accreditation Center (DAC) and an overview of unreserved auctions facilitated by Ritchie Bros. Auctioneers.
There will also be a construction equipment outlook for the Middle East, featuring panelists from Volvo Construction Equipment AB, Al-Futtaim Auto & Machinery Company LLC, House of Equipment and Kanoo Machinery. – TradeArabia News Service
More Construction & Real Estate Stories
- Bahrain awards $5.8m project tenders
- Spinneys to set up distribution centre at Kizad
- Dubai unveils $300m hitech 'green' city project
- Deyaar plans $245m Dubai complex
- IFA unveils $272m Dubai mixed-use project
- CBRE tops Fortune’s most admired firms list
- Kuwait's real estate sales hit $1.1bn in Jan
- Dubai RTA awards $27m roads contract
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum