UAE top choice for construction firms in GCC
Study shows most opportunities will be found in UAE, followed by Saudi Arabia
The UAE is the first choice of construction companies planning to enter the GCC region over the next three years, shrugging off any concerns of a slowdown, a newly-released survey revealed.
Around 37.9 per cent of companies plan to enter the UAE followed by Oman, Bahrain, Kuwait and Saudi Arabia, according to the findings of The Voice of the Construction Industry Report released at The Big 5 exhibition.
On Wednesday, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, visited The Big 5 exhibition, the largest construction event in the Middle East, at the Dubai World Trade Centre. The exhibition concludes today.
A total of 5,951 senior construction industry professionals were surveyed from136 countries on the trends and outlook of the construction sector in the GCC, Middle East and Africa. The report is based on a study conducted by GRS Research & Strategy Middle East, in conjunction with The Big 5.
Of the GCC countries, respondents believe that the most opportunities will be found in the UAE, followed by Saudi Arabia. In line with these findings, 36 per cent of those interviewed said their business would enter the UAE within the next 12 months either directly or via a joint venture.
"Increase in tourism, particularly in the UAE, is a major driver for business growth and one that many construction companies have already capitalised upon," said Andrea Piccin, partner and general manager at GRS Research & Strategy.
"These trends reflect the UAE and Saudi governments' recent focus on the development of smart and sustainable cities. According to the results, it is anticipated during the next 12 months governments from these two countries will place even greater emphasis in these key areas providing an additional boost for the industry," added Piccin.
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