Sharjah construction carries on as usual

Sharjah: Construction projects in Sharjah remain unaffected by the global financial crisis, a senior business official said on Sunday.

Saif Mohammad Al Midfa, director-general of the Expo Centre Sharjah, said the real estate market in Sharjah is mature and the global financial crunch will not hit construction activity. "Though the inflow of foreign capital might have slowed down, regional as well as local investment in the sector continues to remain strong and this will propel the sector to greater heights," he said at the opening of Conmex Middle East, an exhibition dedicated to the construction industry.

The event was opened by Shaikh Khalid Bin Abdullah Bin Sultan Al Qasimi, chairman of the Sharjah Ports Authority. It will run until October 23.

Al Midfa also referred to the government support for the financial sector in the country. He said it will ensure growth in all sectors of the economy.

An Expo Centre Sharjah statement noted that the construction sector in the country grew by more than 25 per cent in 2007. It shot up by 25.4 per cent from Dh46.4 billion in 2006 to Dh58.3 billion last year, it said quoting the UAE Central Bank figures.

In the GCC, the construction industry, including projects that are under way as well as those in the planning stage, are valued at nearly $2 trillion in nominal terms.