MEED's 2010 Arabian World Construction Summit will turn the spotlight on the USD 2 trillion worth of projects planned or under way in the six GCC countries and the opportunities available for global construction and investment community.
To be held from May 24th to 26th 2010 at the Abu Dhabi National Exhibition Centre and themed Growing in a Challenging Market, AWCS will host over 50 expert speakers from the Arab world highlighting key business opportunities and addressing topical issues that currently impact the industry. Over 400 international delegates are expected to attend the 3 day event.
Mr Edmund O'Sullivan chairman MEED Events said that "In 2009, almost USD 52 billion worth of contracts were awarded in the GCC region and we expect this level to rise in 2010. The total value of infrastructure contracts increased by 11% to USD 15 billion in 2009, from USD 13 billion in 2008. There are significant opportunities in key areas such as infrastructure, transportation and housing and they will continue to lead the construction industry for years to come.
He said that reflecting this trend, AWCS will serve as a forum to discuss the opportunities and challenges in the sector while offering new business prospects. The summit has served as great information and networking platform for the last 2 years and we are confident the upcoming edition will offer many business leads to participants.
According to Saudi Arabia's Ministry of Commerce and Industry, there will be a shortfall of 160,000 to 200,000 homes a year. The country will require 1.2 million homes by 2015 but will be able to deliver only 900,000 according to latest industry indicators. Furthermore, the country has earmarked USD 69 billion for new projects such as social infrastructure, universities and hospitals, railway lines, airports and ports.
Dr Faysal Alaquil director of Business Development of Construction Products Holding Company said that as one of the largest and most lucrative construction products companies in the region, CPC has been involved in strategic and important projects throughout Saudi Arabia and its surroundings. As infrastructure investment in Saudi Arabia has been steadily growing in tandem with its vastly growing economy and population, CPC has been fortunate enough to be involved in the participation of the construction development of Saudi Arabia. We are delighted to be taking part in the 2010 Arabian World Construction Summit and look forward to meeting our peers to discuss numerous opportunities we have to offer.
The construction industry in Qatar will also come under close inspection at AWCS where the industry is worth over USD 10 billion and investment continues to rise steadily. Oman, at the same time, has launched numerous infrastructure projects including new roads, expansion of Muscat International Airport as well as other smaller regional airports.