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Hong Kong Eyes Middle East’s USD 1.6 Trillion Construction Industry
The British University in Dubai Co-Organizes Asian Conference Discussing Opportunities and Challenges for Region’s Lucrative Construction Market .
June 14, 2010 3:42 by Rasha Reslan
The Middle East’s construction industry is believed to be set for a positive future outlook following a recent conference held in Hong Kong titled “New Visions for the Middle East Construction Industry: Opportunities and Challenges Ahead.”
To better equip construction professionals to capitalise on the opportunities and cope with the challenges in the Middle East’s construction industry, The British University in Dubai and The University of Hong Kong, together with the Hong Kong Institute of Construction Managers, (HKICM) organised a one-day symposium that provided Hong Kong-based professionals with first hand information and knowledge about the market condition, legislation, practice, technologies, and business culture in the Middle East. The conference’s other co-organisers included the Abu Dhabi Chamber of Commerce and Industry with endorsement by the Dubai Chamber of Commerce & Industry.
The event was attended by more than 160 Asia-based industry practitioners who represent various government departments, client bodies, architectural, engineering and surveying consulting practices, educational institutions, and other construction-related organisations.
Dr. Mohammed Dulaimi, Senior Lecturer at The British University in Dubai, said: “Asia-based construction professionals are focusing heavily on the Middle East’s recognised construction sector. Despite the recent downturn of construction activities in Dubai, construction remains a very strong sector in the Middle East as the industry is estimated to be worth USD1.6 trillion. In 2010, construction projects in the entire Middle East region amount to USD726 billion, which is almost 60 times the construction volume in Hong Kong.”
“The UAE and Saudi Arabia, in particular, remain strong with each country contributing around 30 percent of the total construction volume in the entire region this year. Gaining a full understanding of the different requirements and regulations is necessary to succeed in the Middle East,” added Dulaimi, who presented a keynote speech at the conference titled “Culture and Customs and their Influence on Business and Project Success.”
The symposium included a strong list of speakers from government officials, senior construction practitioners to eminent academics from the Middle East, United Kingdom and Hong Kong
Construction stakeholders in Hong Kong also discussed future opportunities in the Middle East, as their experience and know-how in mega infrastructure projects, high-rise building, sustainable construction, and urban planning are readily exportable and should be an extremely sought after asset in the Middle East.