AMEInfo Staff post dated November 26, 2019, and titled The Middle East construction industry considered one of the top locations to invest as the Big 5 or a practical assessment of the industry’s growth in the MENA region despite the generalised slow down of all related investments, clearly shows. Meanwhile, the Construction industry should look to proven tech to weather difficult times, and alleviate the impacts of the world’s decarbonisation.
Where do real estate and construction opportunities exist in this region?
- GCC and the wider Middle East were recognised for standout construction opportunities
- The most opportunities to be found in the United Arab Emirates (56%) followed by Saudi Arabia (44.4%)
- 36% of those interviewed said their business would enter the UAE within the next 12 months either directly or via a joint venture
The Middle East and Africa’s largest construction event, The Big 5, which takes place from 25 – 28 November, has officially revealed a first of its kind research paper, The Voice of the Construction Industry Report, during the CEO Forum on its opening day.
The report is based on research conducted by GRS Research & Strategy Middle East, in conjunction with The Big 5. 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.
Ben Greenish, Senior Vice President of dmg events said: “Thanks to the size, strength and history of The Big 5, we not only deliver a world-class trade event, we are also a trusted source of insight and intelligence for the construction industry. This new research from a huge cross-section of senior construction professionals underscores our reputation as a source of knowledge, and helps global industry stakeholders generate revenues, save money, and shape future strategies.”
Read: The Voice of the Construction Industry report brought to you by preliminary edition 2019
“The responses come from professionals in sectors including manufacturing and distribution through to developers, contractors, engineers, architects and consultants, with each being segmented by business type, seniority, geographic location, and company turnover, allowing for a detailed analysis of the issues influencing each sector and how they are shaping the industry,” added Greenish.
The research revealed that the GCC and the wider Middle East were the standout opportunities recognised by respondents not already active in those regions when considering where their business may look for opportunities in the future.
Of the GCC countries, respondents felt there were the most opportunities to be found in the United Arab Emirates (56%) followed by Saudi Arabia (44.4%). In line with these findings, 36% of those interviewed said their business would enter the UAE within the next 12 months either directly or via a joint venture.
Read: Slower growth expected for MENA region construction industry in 2019, says GlobalData
According to Andrea Piccin, Partner – General Manager, GRS Research & Strategy, the findings represent good news for the UAE and the wider Middle East region: “Economic growth is seen as a key factor generating business opportunities in the GCC. This is undoubtedly piquing the interest of international companies, which are now looking to expand in the Middle East for the first time.”
“Also, the increase in tourism, particularly in the UAE, is a major driver for business growth and one that many construction companies have already capitalised upon,” he added.
As part of the research, the top trends impacting all aspects of the construction industry were addressed with respondents stating prefabrication and modular construction, energy efficiency, and sustainability are the most important.
Read: Experts issue stark warning for construction firms that ignore urgency of tech transformation
“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.
Technology and the impact it has on the construction industry is also outlined within the data. Advanced software, building information modelling (BIM), and digitalisation are identified as the top three disrupters of the sector. These are closely followed by the Internet of Things (IoT) and smart technology, and 3D printing.
The Voice of the Construction Industry Report was unveiled at The Big 5’s invite-only CEO Forum, a conference for 150 CEOs from the region’s leading construction firms, which took place at The Big 5’s opening day.
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.
