UAE to study crisis impact on construction industry
Dubai, November 26, 2008
The impact of global financial slowdown on ‘vital’ UAE construction sector will be assessed at a UAE federal government-sponsored seminar, it was revealed.
The seminar entitled 'Public finances in place for infrastructure projects,' will be held on December 24 in Abu Dhabi under the patronage of Sheikh Hamdan bin Mubarak Al Nahyan, the UAE minister of public works, officials said on the sidelines of 'The Big 5'.
“The whole industry will welcome this high level review of a sector which has such a vitally important role in the economy of the UAE,” said Simon Mellor, vice president construction for show organisers dmg world media.
'It comes at a time when UAE authorities are providing solid support for the sector,' he noted.
'This year more than 3200 companies eager to secure business in the region are exhibiting at The Big 5. They are all aware that this is a region where 6 per cent growth (UAE) is expected next year despite the global economic downturn,' Mellor remarked.
“Global recession is forcing international companies to increasingly seek work outside of their home countries providing Middle East companies with greater competition in a region where governments remain committed to maintaining strong infrastructure growth in the face of the slowdown.”
The special seminar is being supported by the UAE Contractors Association – a voluntary body comprising 730 member companies – which describes the construction sector as “one of the mainstays” of the UAE economy over recent decades. The association is also participating in 'The Big 5'.
Commenting on the impact of the financial crisis on the UAE construction sector, Khalfan Al Ka'abi, head of the contractors committee of Abu Dhabi Chamber of Commerce, said: “Everyone expects that construction projects underway will continue as planned. The UAE economy remains strong and we will continue working with all contractors to help achieve their goals.”-TradeArabia News Service