International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
Construction demand set to climb
Demand set to surge on recovering construction industry across the region.
June 6, 2010 3:15 by Samuel Potter
Demand for construction equipment in the GCC is set to climb dramatically as the industry shrugs off the effects of the economic downturn, reports Khaleej Times.
Industry experts say there are positive signs across the GCC, as projects move ahead following the slowdown, and a number of factors will drive a demand for equipment.
“As major developers start to repay contractors, they will be able to repay their sub-contractors and suppliers, giving a major boost to the industry as a whole. This will lead to more growth in the sector, and create a renewed demand for construction machinery as new projects get underway,” said UAE Contractors’ Association General Manager Humaid Salem.
“We are witnessing high demand in Saudi Arabia and Qatar due to the large number of major construction projects there, and demand is also growing in the UAE,” said Dr Nasser Hamad Al Hajeri, Chairman of Gulf Automobile Industry Corp.
The paper says $1.3 trillion of projects are on the horizon in the GCC.