Region 'remains attractive for construction firms'
New York, August 13, 2009
The GCC and the Middle East continue to represent critical and strategic market opportunities for construction firms around the world, says a report.
"The region has become a test bed for cutting-edge concepts, and the world is watching these projects to see how they will shape industry trends of the future," said the report by McGraw-Hill Construction, a leading global provider of construction project information.
McGraw-Hill Construction has identified innovative market trends and opportunities in Gulf states in its most recent issue in the SmartMarket intelligence series, "Cities of the Future: Pioneering Innovation in the Gulf Countries of the Middle East".
The report provides new insights on market opportunities in the Middle East for the global construction industry.
Produced with the support of the UK-based Chartered Institute of Building, the report contains first-hand perspectives and case studies alongside economic data and trend analysis to identify how firms can engage in large, highly visible projects that can provide a competitive edge in an otherwise difficult financial environment.
'The Middle East is home to some of the most innovative and iconic construction projects and practices in the world,' said Harvey Bernstein, vice president of industry analytics, alliances and strategic initiatives at McGraw-Hill Construction.
'With this report, we wanted to examine the latest trends in this emerging market and what influence these iconic structures may have on driving change in the global construction marketplace.'
The report focuses primarily on activity in the Gulf Cooperative Council (GCC) countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, where efforts to diversify largely oil-based economies have led to increased investment in tourism and real estate.
Spending on building projects has risen significantly in the GCC in recent years, and this trend is now also becoming visible in countries throughout the rest of the region.
'In today's market environment, the Middle East offers an opportunity to engage in large-scale and highly visible construction projects,' said Fabio Casula, head of international at the Chartered Institute of Building.
In the Cities of the Future SmartMarket Executive Brief, leading project managers, designers, engineers and thought leaders share their perspectives on regional changes and identify opportunities through case studies that shed light on major trends such as master-planned cities, next-generation skyscrapers, culturally iconic institutions and facilities, luxury hospitality and entertainment, and island developments.
Also provided is a regional overview of the Middle East. – TradeArabia News Service