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Outlook dim for real estate sector in 2009
- February 19, 2009, 9:57 am
Meed, the Middle East’s premier business intelligence provider, today revealed its latest AWCS/Meed Gulf Construction Outlook Survey has indicated the UAE real estate sector will offer reduced construction opportunities in 2009.
Focusing on four key categories of market outlook, client/contractor relations, construction management and construction costs, the closed-door survey was launched on the first day of the Arabian World Construction Summit 2009 held in Abu Dhabi from 9-11 February.
The findings of the survey are based on the responses of over a third of senior representatives, including chief executive officers (CEOs), from leading construction companies in the GCC region.
The mix of respondents represents a balanced breakdown of the construction supply chain, from client through to materials suppliers, across the Middle East and North Africa.
Richard Thompson, Editor of Meed, said: ‘The survey successfully measured the prevailing market sentiment, through drawing out the perspectives of top decision-makers. We are confident the results will serve as an effective resource of information for charting a roadmap for the industry.’
The AWCS/Meed Gulf Construction Outlook Survey also revealed 96 per cent of respondents expect to see an increase in concerns between construction clients and contractors across the GCC in 2009, while two thirds of the companies say operations in the GCC this year will shift towards Abu Dhabi, Qatar and Saudi Arabia.
During an on-site interview, David Yaw, Regional Managing Director for Halcrow, said: ‘The Arabian World Construction Summit (AWCS) 2009 is a pre-eminent forum for construction professionals and offers an invaluable opportunity to gain the perspective of industry peers.’
AWCS 2009, one of Meed’s most prominent events, brought together industry leaders from 169 companies from 25 countries.
Anca Westley, Director of the Arabian World Construction Summit, said: ‘Despite the challenging economic climate, the 2009 Summit proved to be a reflection of the region’s ambition to keep its status as a world leader in the construction industry. With Saudi Arabia highlighted as the region’s single strongest market, and government-funded infrastructure on track to offer the best opportunities this year, 2009 will prove an exciting year for all of us.
‘Meed will continue to work closely with the industry to deliver regular updates and insights in what could be the construction sector’s most challenging year yet.’
Meed seeks to connect people through hosting some of the most acclaimed events in the industry that have garnered a reputation for delivering comprehensive industry information.
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