DI boosts construction material portfolio
Subsidiaries reacting to huge number of project wins already this year
Subsidiaries of Dubai Investments PJSC have bolstered their construction capacities after what has been described as a ‘momentous year’ for the company.
Outfits such as Glass LLC, Emirates Building Systems and Dubai Cranes have reported a number of new projects across Dubai, Abu Dhabi, Qatar and Saudi Arabia, among others.
Notable projects won by DI subsidiaries include glass orders for Dubai Design, Habtoor Hotel, Masdar office building in Dubai, Credit Lebanese HQ in Beirut, steel structures for Riyadh Public Transport, three petrochemical projects for Saudi Aramco, end-to-end steel building solutions for FIFA 2022 stadiums in Qatar, petrochemical projects in Oman as well as residential and airport developments in the UAE, and standard, overhead crane kits for ongoing projects with EMAL, DUBAL and Dubai Electricity and Water Authority, DEWA.
Construction activity across the U.A.E. has witnessed a major upswing this year, with projects worth $46bn awarded in 2014 alone, a significant rise from $38bn last year.
A vast majority of these contracts are in the residential sector, and the uptrend in the construction sector is set to boost the country’s Gross Domestic Product for 2014 by four per cent to approximately $404 billion, up from $390 billion in 2013.
Abdulaziz bin Yagub Al Serkal, general manager of Dubai Investments, said: "2014 has been a momentous year for DI’s business growth in the real estate and construction sector.
“The construction industry has always been a key source in driving growth for the UAE’s economy and the current upswing, especially in residential projects, has led to unprecedented demand for quality building materials and innovations – which offers us a huge growth opportunity."
He added, "High demand as a result of the construction boom in Saudi Arabia, Qatar, Oman, Kuwait and across the Middle East is also placing added demand on the capacities of our companies dealing in building materials."
In line with this, Emirates Building Systems have announced major expansion plans in the UAE and KSA; Emirates Extruded Polystyrene has also announced plans to double its production capacity in the coming two years to approximately 2.4mn m2 per year; and the Dubai Cranes and Technical Services LLC recently opened the first-of-its-kind crane storage and assembly facility in the area to cater to the heightened demand for cranes across the GCC and MENA region.