The consistent performance of Drake & Scull International (DSI) underlines the positive growth outlook of the construction industry and the overall promise of the regional market.
In particular, Saudi Arabia, Qatar and Abu Dhabi have emerged as the frontrunners in creating lucrative opportunities in the Middle East, while Iraq is surprisingly well-positioned as one of the fast-emerging markets.
Having the biggest GDP and population in the GCC region, Saudi Arabia is naturally projected to be the most buoyant construction hotspot, even globally. It has been reported that Saudi Arabia will implement up to $400 billion worth of new projects over the next 10 years as part of a comprehensive development plan.
Qatar, boasting the fastest growing economy in the GCC, has witnessed a surge in construction projects following its successful bid to host the 2022 World Cup. To prepare for the global sporting spectacle, the country is expected to invest in excess of $100 billion in various property and infrastructure development projects. Moreover, a Deloitte report has noted that Qatar holds an eight per cent share of regional project values.
Abu Dhabi, on the other hand, has been reported to have recently awarded $20 billion in contracts as the capital city further bolsters the UAE’s status as the second largest market in the Gulf, with total investments worth $9 billion. On the whole we expect the UAE’s construction sector to bounce back strongly over the coming months, driven by rapid economic development and the government’s aggressive efforts to diversify the national economy.
Moreover, we are extremely optimistic about increasing our share in the UAE market, especially in Dubai and Abu Dhabi where we aim to win several projects.
Moving forward we are confident that DSI is on track to achieve and exceed its growth targets in 2013 following the steady performance in 2012. We will continue to actively pursue various opportunities in different sectors, leveraging our strong brand positioning and our vast portfolio of unique engineering technologies, especially in the MEP and water and power sectors.