Grahame McCaig opens Construction Week conference
Says now is a time to reflect
Grahame McCaig, general manager of Dutco Balfour Beatty, has opened the Construction Week Conference saying the state of the Dubai property and real estate market wasn't in the best of shape, but there was still hope for the future.
Speaking in front of an audience at the Raffles Hotel, McCaig described 2009 as “a very tough year” for construction, saying the market had changed considerably for the worse.
“We’re now in a dog-eat-dog system for tendering. We’re working within a system that doesn’t benefit anyone,” he said.
McCaig said that the property market in particular had “crashed and burned” as liquidity had reached crisis levels.
“We can all agree on how bad it is. The other thing we can agree on is that it will end. Economics is cyclical, as is life itself. We can argue how long it’ll go on but we can agree that the circumstances will change, and work out how we will ensure we’re in the right position to take advantage,” he said.