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Construction boom drives soaring Italian exports to the UAE.
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| 27 Nov 2007 |
The UAE’s booming construction industry is helping to drive Italian exports to the Emirates which soared by 44.1% to €2.5 billion for the first seven months of this year compared with the same period in 2006.
Dr Ferdinando Fiore, the UAE-based Italian Trade Commissioner, highlighted the buoyant nature of trade between Italy and the UAE today as the Big 5 PMV exhibition moved into its third day at Airport Expo Dubai.
He said construction spending in the UAE was far outstripping global trends, and Italian companies, which have gathered in force at the Big 5 PMV, are looking to capitalise as the surge continues.
“The value of 390 active civil projects under construction in the UAE can be calculated at around US$430 billion, the highest in GCC,” said Fiore, speaking from the Italian pavilion on the third day of the Big 5 PMV at Airport Expo Dubai.
“This year most of the biggest contactors are completing the projects awarded in 2004-2005 and could start to be involved in new construction plans.”
Dr Ferdinando Fiore at the Big 5 PMV's Italian pavilion.
He added: “While global construction spending is expected to exceed 5% annually over next four years, output in the UAE construction sector grew at an average annual rate of 11% over the last decade reaching US$4.3 billion in Dubai in 2005 and $US8.7 billion in Abu Dhabi, leading the race of real estate dev projects.
“The UAE is also leading the GCC countries in the number of residential and commercial projects at 230 and 81 respectively, with a value of $US216.6 billion and US$10 billion for the two sectors.”
“Italian participation in the Big 5 PMV is another dynamic step forward, increasing the Italian presence in the UAE market. The Italian earth-moving market is particularly strong, registering growth of 8 per cent from the sale of 20, 918 machines in the first nine months of this year.”
The Middle East construction boom has turned the region into the world’s biggest market for plant, construction vehicles, machinery and equipment, making this week’s launch of the Big 5 PMV, which is organised by Streamline Marketing Group, a necessity.
As key buyers from across the region and overseas continued to do their business on the indoor and outdoor exhibition floors today, it was also revealed that Italian production of earthmoving equipment and parts is expected to hit a record value of €4.4 billion (AED 23.8 billion) in 2007, up by 14.8 per cent on 2006.
The forecast was made at the exhibition by COMAMOTER, the group of Italian earth-moving manufacturers within UNACOMA, the Italian Association of tractors and agricultural machinery manufacturers. COMAMOTER also says further increases of 6% and 7% are expected over the next two years. The Italian Trade Commission, Trade Promotion Section of the Italian Embassy, is organizing a stand, in co-operation with COMAMOTER at the Big 5 PMV.
The phenomenal growth of the region’s construction industry has attracted many Italian companies to the Middle East. More than 80 Italian companies now operate in the UAE in various fields including oil and gas technology, civil engineering, consulting and contracting.
Supporting the Big 5 PMV exhibition is a programme of educational, topical and interactive seminars for trade professionals to attend. The sessions are free and help construction professionals to develop their skills and learn about key industry issues.
Today’s seminar programme includes presentations on tall building foundations, the selection of tower cranes and safety procedures for employees working at height. Session two focuses on marine and offshore construction and session three will address health and safety on construction projects.
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