After a particularly challenging 2009, the regional construction industry is poised for renewed and sustained growth that will essentially be based on servicing the real needs of a progressive Middle East rather than speculation, according to industry leaders at the opening session of the 3rd Arabian World Construction Summit in Abu Dhabi today.
Dr. Faysal Alaquil at the Arabian World Construction Summit in Abu Dhabi
The opening session of the three-day summit featured two panel discussions that saw high-ranking government and public sector officials, regional CEOs, as well as top executives from the private sector discussing the trajectory the regional construction industry was taking in the aftermath of the global economic crisis.
Her Excellency Fatima Al Jaber said: "The impact of the real-estate downturn was felt most by Dubai, but far less by Abu Dhabi and other countries in the region. 2010 is seeing the markets return to cautious optimism."
Commented on the fact that Saudi Arabia was identified as the country where a bulk of the contractual opportunities were being made available, Dr. Faysal Alaquil, Director of Business Development and Administration Affairs of CPC, said: "Saudi Arabia is representative of the forward momentum and the opportunities that exist in the region. Not only is it the largest GCC countries by population, but close to 50% of the Saudis are below the age of 30. The national government is committed to meeting the needs of the people and considerable investment is being made in projects sectors such as in the energy, utilities, transport (airports & railways projects), healthcare (hospitals and medical clinics) and education (schools & universities) over the next five to ten years." He also said that Algeria and Libya too show huge potential. “What we need is not just real estate, but rather infrastructure. We at CPC are expanding our geographies of operation as well; we are now in Damascus, Cairo and Abu Dhabi. A lot of local companies are moving from regional to global and benefit mutually from common synergies." Very soon CPC will start its operation in Qatar and Algeria”. Dr. Alaquil added.
