Dubai: Better market prospects will emerge as the UAE construction market is poised for a rebound, says Danube Building Materials, one of the leaders in construction, building materials and shop fitting industries.
Business | Construction
UAE construction market set for rebound, Danube says
Country leads GCC with projects worth $714.8b in the pipeline
- Gulf News Report
- Published: 00:02 September 1, 2010
- Image Credit: Megan Hirons Mahon, Gulf News
- The UAE still accounts for more than half of the $1.3-trillion GCC construction projects.
With a recent report from the Dubai Chamber revealing that $714.8-billion (Dh2,629 billion) worth of construction projects are either at design stage or already under way in the UAE, the company is seeking to leverage the anticipated growth in local demand.
Following the opening of its 22nd global store in India in July this year, Danube also revealed expansion plans in Qatar and other parts of Saudi Arabia and Oman, as well as in China.
The UAE still accounts for more than half of the $1.3-trillion GCC construction projects despite the industry grinding to a halt amid the global economic downturn, the report said.
Saudi Arabia has active projects worth $283.8 billion, according to the data, while Kuwait is the third biggest market in the GCC with $184.8 billion projects.
With a view to take part in the construction upturn, Danube plans to leverage its nine existing retail facilities in the country, as well as its latest Dh50-million, 1.3-million square feet manufacturing facility in TechnoPark, which will be functional by early 2011.
"Our confidence in the UAE construction market has never wavered, as indicated by our continuous expansion activities across the country and our investments in growing the presence of Danube Buildmart in major shopping malls," said Rizwan Sajan, Chairman, Danube Building Materials.
"We are pleased that our strong belief in the potential of the UAE market will be rewarded by the positive developments and increasing prospects in the construction industry. Our strategic initiatives during the challenging period of recession have further strengthened our position to leverage the upcoming opportunities."
Danube Building Materials started as a building materials supplier, but has since diversified into a one-stop shop concept called Danube Buildmart.
Today, there are a total of 14 global Danube retail facilities — nine in the UAE, two in Oman, one each in Bahrain, Saudi Arabia and India.
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