Dubai: Al Shafar General Contracting (ASGC), one of the largest construction companies, Sunday said it has won contracts worth Dh3 billion despite what is perceived to be tough market conditions for the construction industry.
ASGC been appointed the main contractor for several developments in Abu Dhabi, Dubai and Egypt, including Ambulatory Hospitals in Abu Dhabi, Marina Bay, Ocean Scape and Al Wifaq Tower on Reem Island in Abu Dhabi, Seasons Community in Jumeirah Village in Dubai, The Onyx on Shaikh Zayed Road, The One Commercial Tower in Tecom, Wasl Square, Safa South Complex in Jumeirah and Marassi in the North Coast in Egypt. These total approximately Dh3 billion.
Making the announcement on the occasion of The Big 5, Bishoy Azmy, CEO, ASGC, said, "After an all time low, activity in [the] construction sector has improved and we are glad to have signed up these fabulous deals that range from residential towers to commercial centres and health care facilities."
Returns
Population growth, urbanisation, industrialisation and infrastructure development all point to a bumper return over the next few years in the Mena region — the Middle East and North Africa.
Construction makes up almost a third of growth in gross domestic product (GDP). Echoing other senior figures in the industry, Azmy sees the biggest growth in infrastructure projects.
"Around 70 per cent of the population of the Arab world is below 30 years old. It means authorities have no choice but to invest in creating jobs and building infrastructure, from transport and roads through to desalination plants."
The current "run rate" of spending on infrastructure is around $2.5 trillion (Dh9.1 trillion) in the region.
The largest construction and infrastructure projects by value in the GCC show that five of the region's 10 biggest schemes planned or under way are in Abu Dhabi.
ASGC has been quick to capitalise on the opportunity and has recently established ASGC Al Shafar Oilfield Contracting which is based in Abu Dhabi and will focus on providing building services in the on-shore and off-shore oil gas fields.
ASGC is also looking to expand its operations in potential overseas markets and is on the hunt for new opportunities across the Mena region and Asia.
