Governments providing industry with silver lining

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Rakeen’s Ghassan Youssef feels that construction in rak is still going strong.

The construction industry could be on the road to recovery thanks to governments in the GCC.

After months of doom and gloom, the construction industry this week saw the first shoots of economic recovery, as many in the industry received a welcome boost.

Qatar, KSA and Abu Dhabi are leading the way, according to the latest report from Deloitte Middle East, entitled ‘The GCC Powers of Construction 2009'.

"We have brought together expertise from Deloitte, as well as key regional players such as Arabtec and Construction Products Holding Company (CPC) to give valuable insight into the impact of the crisis on the construction sector in the region, as well as prospects for future growth and demand. The overriding message is one of many opportunities still to be found," said Deloitte UAE audit partner and construction industry leader Cynthia Corby.

The report found that Qatar's gas-rich revenues were being ploughed into a construction sector that is set to grow by 17% in 2009, while Abu Dhabi's 2030 plan continued to drive strong performance.

However, Saudi Arabia is the current construction giant with around 50% of all Gulf building developments.

"Governments are most likely to be the dominant force in breathing life into their respective countries' construction sectors," said Deloitte Corporate Finance construction and capital projects advisory leader Rizwan Shah.

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