UAE contractors upbeat, says Shaikhani Contracting
Contractor says region well on recovery road, with slew of projects
UAE contractors have expressed a positive outlook that the Middle East region’s construction sector will enjoy continuous growth and development, an indicative sign that the region is recovering from the global financial crisis.
The resilient turn towards recovery has also prompted local contractors to play a major role in the more than $1.3trillion worth of construction development projects across the region.
Shaikhani Contracting, a part of the Shaikhani Group, a multibillion dollar international business conglomerate with interest in real estate development, trading, manufacturing and IT, has pointed out that the region’s bid towards recovery has created an influx of projects across all industries, with the main aim of putting the Middle East on the path towards growth and development.
The construction industry alone has either resumed development on once stalled projects, or has already started with new ones, with Saudi Arabia offering the most potential, followed by the UAE, Qatar and Kuwait.
Accompanying this growth in the Middle East region’s construction sector is the creation and merging of different companies and enterprises, serving a twofold aim of branching into new markets and creating more chances of winning more contracts from different projects.
Aiming to capitalise on this trend and on the construction industry’s continuous growth, Shaikhani Contracting has announced plans to roll out a strategic region-wide plan targeting growth and expansion in both the UAE and the rest of the region.
The company further revealed that, in the UAE alone, and Dubai in particular, the promise of continued growth in the construction sector remains firm due to strong support from the Dubai government.
To help complement its new strategy, Shaikhani Contracting is currently planning to hire more engineers, technical and non-technical staff, with a view to offer regional customers a broader portfolio of high-quality services.
“These are exciting times for the Middle East region’s construction industry,” said Shaikhani Contracting MD Rizwan Shaikhani.
“Construction firms in the UAE and the rest of the region remain upbeat that growth will continue, and that more projects will be coming. We are on the path towards recovery and development, and this has prompted Shaikhani Contracting to implement a region-wide expansion plan that will not only help us grow, but also consolidate our presence in the Middle East region.”
Signs of the construction industry’s turn towards recovery can be seen in leading countries like the UAE, where the International Monetary Fund’s Regional Economic Outlook, released in October 2010, raised its 2010 growth forecast for the UAE to 2.4% from 1.3% in May.
The UAE expects growth to accelerate to 3.2% in 2011, not bad for an economy exposed to crashing real estate and financial markets in 2009. Taking its cue from this report, contractors are now aiming to secure more contracts in the UAE, which is still the largest construction market in the GCC, with $714.8billion worth of projects in progress or in the planning stages.