Some $2 trillion worth of projects are planned or under way in the six GCC countries and opportunities abound for global construction and investment community, organizers of MEED's 2010 Arabian World Construction Summit (AWCS) said on Saturday. Under the theme “Growing in a Challenging Market”, AWCS will host over 50 expert speakers from the Arab world highlighting key business opportunities and addressing topical issues that currently impact the industry. Over 400 international delegates are expected to attend the three-day event to be held on May 24-26 at the Abu Dhabi National Exhibition Centre (ADNEC). Edmund O'Sullivan, chairman, MEED Events, said: “In 2009, almost $52 billion worth of contracts were awarded in the GCC region and we expect this level to rise in 2010. The total value of infrastructure contracts increased by 11 percent to $15 billion in 2009, from $13 billion in 2008. There are significant opportunities in key areas such as infrastructure, transportation and housing and they will continue to lead the construction industry for years to come. “Reflecting this trend, AWCS will serve as a forum to discuss the opportunities and challenges in the sector while offering new business prospects. The summit has served as a great information and networking platform for the last two years and we are confident the upcoming edition will offer many business leads to participants.” With a population of about 29 million that is expected to reach 33 million by 2020, the Saudi Arabian market offers considerable opportunities for the construction sector. According to Saudi Arabia's Ministry of Commerce and Industry, there will be a shortfall of 160,000 - 200,000 homes a year. The country will require 1.2 million homes by 2015 but will be able to deliver only 900,000 according to latest industry indicators. Furthermore, the country has earmarked $69 billion for new projects such as social infrastructure, universities and hospitals, railway lines, airports and ports. Dr. Faysal Alaquil, director, Business Development of Construction Products Holding Company (CPC), said: “As one of the largest and most lucrative construction products companies in the region, CPC has been involved in strategic and important projects throughout Saudi Arabia and its surroundings. As infrastructure investment in Saudi Arabia has been steadily growing in tandem with its vastly growing economy and population, CPC has been fortunate enough to be involved in the participation of the construction development of Saudi Arabia. We are delighted to be taking part in the 2010 Arabian World Construction Summit and look forward to meeting our peers to discuss numerous opportunities we have to offer.” The construction industry in Qatar will also come under close inspection at AWCS where the industry is worth over $10 billion and investment continues to rise steadily. Oman, at the same time, has launched numerous infrastructure projects including new roads, expansion of Muscat International Airport as well as other smaller regional airports. Abu Dhabi continues to witness a surging economy. In accordance with Abu Dhabi 2030, the UAE capital will continue to invest in numerous construction and infrastructure projects including housing, transport, energy, industrial, healthcare and education Highlighting these trends, AWCS will be held concurrently with the first Arabian Construction Week (ACW), incorporating three dedicated vertical trade exhibitions as well as the Green Building Middle East Summit. Organized by MECOM Forums/Clarion Events in partnership with MEED, Arabian Construction Week (ACW) will act as a pre-tender sourcing platform for the region's existing and potential construction and infrastructure projects. It will also aim to work towards a better-built environment for the cities of today and the future.
