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Tue 24 Apr 2007 05:43 PM

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Construction boom hits $1 trillion

The UAE, with more than $300 billion worth of active projects, leads the GCC market.

Research carried out by industry professionals in the region estimates that active construction projects currently under way in the Gulf region are in excess of US$1 trillion.

The UAE, currently the largest construction market among the Gulf Cooperation Council (GCC) countries, has more than US$300 billion worth of active projects and the emirate of Dubai alone has over 25% of the world's active cranes in operation.

"This clearly illustrates the extent of demand for hardware, power and hand held tools and machinery in the region which has continuously maintained its pace of double-digit economic growth. Thus, for manufacturers and suppliers of these products, this is a perfect time to look into ways of expanding their product base in the region," said Melanie Beese, Exhibition Manager Hardware & Tools Middle East.

Apart from the UAE, projects in the Kingdom of Saudi Arabia doubled in the last 12 months to more than US$200 billion; Kuwait currently has US$211 billion worth of active construction projects, with an additional US$170 billion worth of projects elsewhere in the region

These are in addition to the US$97 billion worth of projects in Iran and US$27 billion in Iraq, offering hardware and tool manufacturers enough leeway to expand in the wider Middle East region.

"Moreover, the construction boom is also spearheading the rush to own homes in a region that offers unparalleled luxury and ultra luxury residential properties. The recent changes in ownership regulations allowing foreigners to own property is another factor that is driving a huge home improvement boom and it is not surprising that the demand for hardware and tools is growing at over 11% per year," said Ms. Beese.

"In this scenario, industry professionals involved in the supply of equipment or the design, construction, build or specification of commercial or residential developments, can understand the need to stay updated on new products, services and technology. For such professionals, there cannot be a better and more focused platform than the Hardware & Tools Middle East 2007," pointed out Ms Beese.

Organized by Messe Frankfurt, one of the leading organizers of premium exhibitions around the world, Hardware & Tools Middle East 2007 is the region's only dedicated event for power tools, hand tools, hardware, ironmongery, workshop and woodworking machinery. The show is scheduled to be held from May 13-15, 2007 at the Dubai International Convention and Exhibition Centre.

"The event is the perfect platform to meet new contacts, discuss new trends and technological developments, keep up to date with industry information and source new products and solutions," remarked Ms. Beese.

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