GCC to pump $1trillion into infrastructure
Abu Dhabi, September 12, 2012
Governments across the GCC spearheaded by Qatar and Saudi Arabia plan to invest a record $1 trillion in the region to develop their infrastructure, according to a recent report.
The significant investments being made across the GCC provide both positive and negative trends in the demand and supply of heavy machinery in the region, said the report by leading consulting group Deloitte.
Of the GCC countries, Qatar and Saudi Arabia are the ones which have the biggest opportunity to attain a favorable return on investment, remarked Nabil Salim, the director of AAA Construction Equipment, citing the Deloitte report.
The report by Deloitte highlights the investments made by the Saudi government including the estimated $400 billion plans to build schools, houses, universities, new railway infrastructure, airport extensions and road improvements.
Furthermore, with the hosting of the 2022 Fifa World Cup in Qatar, the projects planned and underway are estimated to be $230 billion, it added.
The company chief predicted a steady growth in the heavy machinery market thanks to a massive projects being awarded in the GCC, particularly the UAE, Saudi and Qatar throughout the year.
"Additionally, the construction market which collapsed in the UAE, now shows reasonable growth," he stated.
The company, strengthening its presence in the UAE has set up its Abu Dhabi subsidiary AAA Construction Equipment and AAA Construction Equipment Rental Establishment to capitalize on current and future opportunities in the UAE’s construction sector.
To boost its presence in the region, AAA Construction Equipment will be showcasing its heavy machinery equipment at the upcoming Intermat Middle East 2012, he added.
Organized by Clarion Events Middle East and its partner, Comexposium, the second annual Intermat Middle East will take place at the Abu Dhabi National Exhibition Centre from October 8 to 10.
Salim said the company will showcase it key products at the expo including the 280 tonnes IHI Japanese CCH2800 crawler crane; 70 tonnes IHI Japanese CCH700 crawler crane; the echo-friendly IHI Japanese 50 NX 3 mini excavator; the low dB and emission Nippon Sharyo NES150 generator: and the Tadano pre-owned all terrain/rough terrain crane.-TradeArabia News Service
More Construction & Real Estate Stories
- Work to start on new Bahrain social centre
- Indian developer to open Dubai office
- 50 firms to showcase at Cityscape Riyadh
- Kaloti breaks ground on Dubai gold refinery
- New power station for Bahrain hospital
- Al Hamra Village wins top mixed-use award
- Schön sees business park project on track
- Kuwaiti developer starts Dubai tower work
- Asteco appointed agent for Dubai tower
- Interface named ‘Most Sustainable' firm