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Do you expect the construction industry to fully recover from the downturn after Ramadan?
Lee Allen, Cracknell Associate, answers We are hoping for positive movements in the market after Ramadan. The reduced focus on business activities and delayed decision making processes, during this time, naturally has an effect on our organisation. Although we are not expecting business to return to the levels of previous years, we should notice an increase in the market as Ramadan ends.
Saleh Muradweij, Gulf Technical Construction Company executive director, answers The construction industry will recover, but not straight after Ramadan. It is still too soon. There is still an over supply in the market that needs to be balanced by demand. The overall real estate and construction industry in the UAE is directly affected by the international markets and since these markets have not fully recovered, signs of recovery will take a bit more time.
How has your company been affected by the holy month? Has business been slower than usual?
Lee Allen answers Traditionally, Ramadan reflects a slowdown in some business activities. However, this has been compounded this year by the overlap of the summer leave period. In previous years, key decisions were often made immediately before the summer, resulting in a productive summer period.
Saleh Muradweij answers Ramadan is usually slower than other months due to short working hours. It is expected that business will be slower during this holy month. Progress and project schedules incorporate this period into the overall programme.
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What should contractors be focusing on going into Q4 2009?
Lee Allen answers As landscape consultants we are focusing on buoyant territories in the region and we are looking to increase our presence. As construction funds are slowly released we will focus on continuing a dynamic cash flow. To maintain a healthy project turnover in Q4, our fees need to be increasingly competitive to win bids.
Saleh Muradweij answers The biggest challenge for contractors has been the collection of payments and banking. Contractors must focus on this so that they can successfully move forward to Q4, 2009. Also, diversification and presence in emerging markets is essential for continuity, growth and existence.
What lessons should have been learned from the crisis?
Lee Allen answers A diverse spread of clients, regions and projects should assist in greater stability in the future. Exposure to a small number or even a single developer has placed many consultants in a vulnerable position. As a region, which has acutely benefited from the upturn – those same areas are now suffering on the other side.
Saleh Muradweij answers I think our industry has learnt that moderate growth is sustainable growth, and that not every company that claims to be a developer or construction company is fully equipped. There needs to be a more planned and steady way forward so that the industry does not find itself in another pit.
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