International collaborations will benefit Middle East construction
The Middle East’s construction sector appears to be gaining an international flavour as the team begins to compile this year’s Construction Week Power 100 list
While global players are ubiquitous in the Middle East’s construction industry, the last few weeks have seen a new wave of international collaborations established in the regional sector.
These developments will benefit not only the Middle East’s project owners, but also its construction contractors.
Just in the last month, Saudi Arabia has launched a variety of new project categories that will be developed in the country, among which are the Solar Power Project 2030, and a theme park in Qiddiya (p16, Construction Week #695). The solar park will be developed in collaboration with Japanese conglomerate Softbank, while the Qiddiya project will see the involvement of US theme park operator Six Flags.
In the UAE, Parques Reunidos, a Spain-based operator of animal parks, has been picked to oversee the day-to-day operations of the newly opened Dubai Safari development. Meanwhile, Driver Group – a construction consultancy that first expanded beyond the UK in 2006, with an office in the UAE – has launched Kuwait operations to better serve its local clients. However, these are not the only high-profile, cross-country collaborations the Middle East’s construction sector has witnessed in April.
Earlier this month, Saudi Aramco said it had joined the Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) consortium to develop a $44bn refinery and petrochemical complex in India. The Saudi company has signed a memorandum of understanding with RRPCL, which comprises Indian Oil, Bharat Petroleum, and Hindustan Petroleum.
In addition, Saudi Aramco is developing a petrochemicals complex worth $5bn with French oil company, Total.
These agreements are in keeping with the international focus for which high-profile companies and large-scale developments are known. However, the collaborations also highlight the current investment climate in the Middle East. Landmark megaprojects such as Expo 2020 Dubai and the initiatives rolled out as part of Saudi Arabia’s Vision 2030 are attracting both investment and international expertise into the regional construction sector.
These developments also present opportunities for the Middle East’s construction companies to display their knowhow in global markets. Regional business leaders – who have helped to build some of the world’s most impressive and record-breaking projects – should look to capitalise on the current market sentiment to secure their future growth.
It is these regional and international business leaders that the 2018 Construction Week Power 100 will honour in June. Now in its ninth year, this list is our annual ranking of the most influential leaders currently working in the Middle East’s construction sector.
The regional construction industry, led by the best in the business, has witnessed numerous achievements in the past year, so please get in touch if you would like to see yourself or a colleague represented in the Power 100.