$1.35trn building projects ‘active in Gulf’
Dubai, November 23, 2009
A total of 3,398 civil building projects worth $1.35 trillion are currently active in the Gulf region, a new research has revealed.
The figures were released by Streamline Marketing Group, organisers of the Big 5 PMV, the Middle East’s leading exhibition dedicated to plant, construction vehicles, machinery and equipment, which opened in Dubai today (November 23) to run until November 26 at the Dubai International Convention and Exhibition Centre.
The UAE leads the way, with 1,853 civil building projects worth a total of $661,443 billion currently under way across four sectors – commercial and retail, education and healthcare, leisure and entertainment, and residential.
The research carried out on behalf of Streamline Marketing Group by Dubai-based Proleads, which monitors regional construction projects across all industry sectors, showed Saudi Arabia has 847 active projects valued at $417,859 billion.
Kuwait currently has 160 active projects worth $142,759 billion, Qatar 186 projects valued at $48,215 billion, Bahrain 232 projects worth $40,258 billion, and Oman 116 projects valued at $38,512 billion.
Overall, the latest market analysis shows that a fraction under 75 per cent of all announced projects in the region are still progressing, representing a much more optimistic outlook at the start of an important week for the regional construction industry.
“While there is no getting away from the fact that a large number of major projects in the region are now on hold, or have been cancelled, as a result of the global downturn, the latest market research underlines the fact that there is still a massive amount of construction going on in the region,” said Emil Rademeyer, director, Proleads.
Leading contractors, developers and suppliers have gathered at Dubai International Convention and Exhibition Centre for the four-day Big 5 PMV, taking place as part of the Big 5, the Middle East’s leading international construction exhibition.
The Big 5 PMV has attracted 149 exhibitors from 20 countries including Italy, China, India and South Korea which each have national pavilions.
The event is an example of how the UAE’s exhibitions business is working with the country’s retail and hospitality industry to recover from the effects of the global financial downturn, said a statement.
Select retailers at The Dubai Mall are offering attractive discounts to Big 5 PMV exhibitor and visitor badge holders this week, and Jumeirah Emirates Towers is offering a 30 per cent discount on food at their restaurants.
Shuttle buses carry exhibitors and visitors to The Dubai Mall, and are also available for transportation between the Financial Centre and Al Jafiliya Dubai Metro stations and the exhibition venue. – TradeArabia News Service