Koreans to arrive in force for Big 5 PMV
Dubai, October 4, 2009
South Korean building machinery giants will have a big presence at the upcoming Big 5 PMV, the Middle East’s leading event for plant, construction machinery, equipment and vehicles.
Korean companies are targetting the region for business growth, following signs of recovery in the Middle East construction industry lead by the UAE and thriving trade relations between the UAE and South Korea.
One of South Korea’s leading manufacturers of heavy construction machinery, Power Technology and Quality Co (POQUTEC), has just forecast Middle East sales of $4 million for 2010.
POQUTEC is among 11 South Korean companies which will have a strong presence in Dubai next month at the Big 5 PMV.
Arriving in higher numbers than in previous years, the Koreans are encouraged by the large number of projects that are currently underway across the region, despite the global economic slowdown.
According to a recent report by Dubai-based research house Proleads Global, the UAE continues to be one of the most active construction markets in the world, with more than 750 active construction projects and 450 recently completed.
Research by consultants BNC has revealed that around $1.3 trillion worth of projects are currently underway in the UAE, while the value of projects in Bahrain doubled to almost $8 billion and those in Qatar increased 71 per cent over the last year.
“Dubai is a destination hub, attracting a large number of GCC and international visitors each year. Its geographic location creates the perfect place for Asian manufacturers and suppliers to meet new business partners from the Middle East and Europe,” said Nick Webb, director of Streamline Marketing Group, organisers of the Big 5 PMV which takes place from November 23 to 26 in Dubai.
“We’ve noticed a more optimistic mood from the construction industry in general, as underlined by the response from our South Korean exhibitors which reflects the strong links between the two countries.”
The UAE is the second largest oil and natural gas exporter to South Korea and South Korean construction firms have played a key role in the UAE’s industrial infrastructure development.
The countries have been strengthening their relationship in recent months with the signature of a bilateral nuclear agreement, opening doors for South Korea to enter a competitive $40 billion bid to build the UAE’s first nuclear plant. The project is one of the largest such deals in the sector and signals South Korea’s first nuclear agreement with a country in the Middle East.
“Dubai is a strategic location for our member companies. Taking part in the Big 5 PMV offers our members unique opportunities to meet with buyers and dealers, not only from the Middle East but also from Africa, Russia and India,” stated Seung-cheol Lee, Strategy and Planning Team, Korea Construction Equipment Manufacturing Association (Kocema).
“We’re already active in Iran, Saudi Arabia and other parts of the Middle East, and our expected sales volume for the region in 2010 is $4 million,” said POQUTEC's managing director, Min Seok Song.
The event runs alongside the Big 5, the region’s most influential construction and contracting event, organised by DMG World Media.-TradeArabia News Service