Dubai: Over the past five years, GCC states have dedicated significant amounts of time and money to developing maritime facilities.
As a result, a number of strategic interests have emerged, as reflected in the increase in the number of specialised maritime projects, including sports.
Industry professionals estimate that the value of commercial maritime projects will exceed $35 billion during the next three years.
Statistics released by Baradihi Commercial Diving Services, a leading provider of commercial diving services in the GCC, show that at the end of 2009 there were 12 major maritime projects under way in the Gulf region: four in the UAE, three in Saudi Arabia, two each in Oman and Qatar, and one in Kuwait — the massive $1 billion (Dh3.67 billion) Bubian Island development project.
Nadia Baradihi, President and CEO of Baradihi Commercial Diving Services, says: "The Arab Gulf states' growing interest in maritime development projects reflects sound strategic thinking emanating from their adaptation of the maritime environment, making it an additional commercial attraction factor that will help create a prosperous future for the region, achieving sustainable development by minimising dependence on oil as a main source of spending and funding.
UAE and Saudi Arabia
"The UAE and [Saudi Arabia] have the greatest number of projects in the Gulf, with four and three respectively, and Baradihi is working on a number of these commercial diving projects.
"We expect significant demand from the UAE, where developers are working on a number of offshore and waterfront property projects, despite the impact of the global financial crisis.
Seaport expansion
"The massive economic growth witnessed in the Middle East over the past few years, coupled with the coastal location of the GCC countries, is driving major seaport expansion and over 50 projects worth in excess of $40 billion are currently under way in the region, with budgets ranging from $10 million to $5.5 billion.
"The majority of these projects are expected to be completed within the next ten years," says Baradihi.
The competition in maritime development projects has led to the emergence of strong regional companies and operators, making the Arabian Gulf one of the most dynamic and vibrant international maritime centres in the world.
Baradihi Commercial Diving Services recently cele-brated its 30th anniversary and unveiled its new name and logo.
Prior to its revamp, the company averaged an annual growth rate of between three and five per cent. However, in 2008, this jumped to 800 per cent.
The company attributes the increase to the re-structuring of the company, the adoption of high standards of commercial diving and the expansion of the services it offers.
- 4 major maritime projects under way in the UAE
- 3 major maritime projects under way in Saudi Arabia
- 50 Gulf port expansion projects under way
