Businessmen in the UAE are hoping that the recession in the construction sector will end by next year, according to a report by Gulf News on Saturday.
The paper quoted Jamal Qassim Sultan, chief operating officer of the Sultan Group as saying the sector will be revived in six months to a year.
"The industry is passing through a recession right now. But even at the very mature level where the industry is now, growth will still come through. While recovery may not be three months down the road, I believe we can have one in another six months to a year. Construction is what builds the country," said Sultan.
According to the contactor "so much infrastructure is being put in place with an eye on the long term. International companies are being encouraged to move in, which will feed demand for quality commercial and residential space.”
Sultan attributed the present recess to a reduction in demand combined with the oversupply of contracting companies.
To find a solution to the problem, the construction companies, "have been contemplating the concept of a holding company grouping together the varied interests of all companies." – Albawaba.com
