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GCC Powers of Construction 2009
An expert diagnosis
This is the first publication and the only one of its kind amongst the Financial Services industry in the Middle East.
The GCC Powers of Construction contains a range of articles on industry themes and trends. With the publication coming at a time of a global economic downturn, it would be impossible not to include an analysis of the effect of the downturn on construction in the GCC. We begin by looking at how the sector shifted from one a boom era throughout most of 2008 to an era of project cancellations and decline in available financing for this industry by the end of the year. Although Dubai’s fortunes, especially in terms of residential developments, were hard hit by events, other places in the region – such as Abu Dhabi, Qatar and Saudi Arabia - continue to show promise, while public spending on infrastructure and commercial projects represent opportunities in times ahead.
With the downturn forcing developers to look beyond their home markets for opportunities, we also present an analysis of the impact of the downturn on construction in the UK. The UK has been one of those countries most in the headlines for its economic woes as a result of the crisis. However, we present our opinion on why its construction industry is in a position to tackle a downturn in construction activity. In our analysis, we also highlight the importance of infrastructure as a source of business in the years to come.