GCC set to generate $138.5b in fresh construction contracts during 2019

GCC countries will be at the forefront of a continuing construction sector boom in the Middle East, with contracts worth over $138.5 billion, set to be awarded in 2019.

This growth is being largely fuelled by mega infrastructure and commercial projects, which are currently either under construction, or in the pipeline across the region’s major economies, according to a report by analysts Ventures Onsite - Construction Intelligence Partner for Messe Frankfurt Middle East.

The ongoing expansion in the construction sector across the region, is expected to drive fresh interest for the latest hardware, tools and machinery being displayed at the upcoming Hardware + Tools Middle East 2019, the foremost trade event in this sector.

Ventures Onsite expects that the demand created by the region readying for mega global events, such as Dubai Expo 2020 and the FIFA World Cup 2022, as well as mammoth-scale infrastructure projects such as Al Qiddiya, Red Sea and Neom Future City, will keep the construction sector ticking over at a healthy rate.

According to the report, which looks the construction in three segments - building construction, infrastructure and energy - the industry is also being driven by the regional governments push to achieve diversified economies and create the infrastructure to attract inward investment in other areas of the economy.

In 2019, which is a good year overall for the industry as a whole, contracts worth $69 billion are expected to be awarded in the GCC building construction sector, while the infrastructure construction market is expected to generate $22.2 billion in fresh contracts. Construction in the energy industry, is also expected to be healthy, producing over $47.2 billion woth of new contracts in the year.

The report also estimated that the region is expected to record significant growth in the creation of new facilities in various other sectors including: residential, education, healthcare, transport and renewable energy, generating lucrative opportunities for investors, developers and contractors in the coming years.

“Healthy levels of growth in the construction sector have a direct impact on demand for the latest tools, hardware, materials and machinery across the region, which is immediately felt at Hardware + Tools Middle East,” said Dishan Isaac, Show Director for organisers Messe Frankfurt Middle East. “This year we have over 115 exhibitors lined up from across the globe, presenting their latest products and innovations to trade buyers and industry professionals in the region.” Set to run from June 10 to 12, at the Dubai International Convention and Exhibition Centre, Hardware + Tools Middle East is the pre-eminent trade and networking platform for hardware, tools and construction material and machinery across the Middle East and Africa.

This year, the show will feature a number of new features - a welding competition along with a conference on 3D printing and additive manufacturing - in its 20th edition.

The 20th edition of Hardware + Tools Middle East will take place from 10-12 June 2019 at the Dubai International Convention and Exhibition Centre, with organiser Messe Frankfurt Middle East confirming new highlights for the benefit of thousands of regional construction contractors, fit-out firms, steel fabricators, traders, importers and distributors.

This year, the Middle East’s Best Welder competition is the first of its kind in the region, inviting technical professionals in steel fabrication and welding to three days of intense competition held in partnership with the Middle East Industrial Training Institute (MEITI).

The two-day Additive Manufacturing Middle East Conference is another new highlight this year, where international front-runners in 3D printing for the construction, manufacturing, oil and gas, ship building and automotive industries will share their insights into the future of this fast-growing technology.

That’s in addition to the exhibition itself, where more than 115 participating exhibitors from across the globe will present their latest products latest tools, hardware, materials and machinery for regional business owners, and professionals in the construction, fabrication and technical industries.

The likes of TATA Agrico, Murata Machinery, Schunk Group, and Scherer Group are among the more than 100 manufacturers and suppliers, eager to tap into Dubai’s status as a key importer and exporter of hardware, tools, and machinery.

According to Dubai Customs, the Emirate’s trade for hardware and tools in 2017 was worth $1.3 billion.  That includes imports ($925 million), along with exports and re-exports ($378 million), into neighbouring countries of items such as rock drilling or earth boring interchangeable hand tools, mountings, fittings and non-household hand tools.

“Industry  professionals  involved  in  the  supply  of  equipment  to  or  the design, construction, build or specification of commercial or residential developments understand the importance of keeping up to date with new products, services and technology in the field,” said Dishan Isaac, Show Director for Hardware + Tools Middle East.

Agencies