Construction and property market in the GCC will continue to grow and projects worth billions of dollars have been tendered across the GCC during the last few weeks, said Hatem Al Qaranshawi, economic expert and former adviser to Egyptian Prime Minister.
He was speaking during the first Arab Real Estate and Urban Development Conference in Abu Dhabi.
"Tenders for projects valued at about $150bn have been issued during the last few weeks across the GCC. Most of these projects are in Saudi Arabia and the UAE," said Al Qaranshawi.
During the conference it was revealed that about 250 projects are currently being executed in the GCC member-states at a total cost of $2.39trn.
Conference Chairman and Director-General of Arab Administrative Development Organisation, Rifat Abdelhalim Alfaouri, said the global financial crisis has had no negative effect on the Gulf realty sector.
Speaking to Emirates Business, Alfaouri said all Gulf countries have been facing a major shortage of housing units. "The problem is not about excess supply," he said.
The global financial crisis, according to him will have a positive impact on the property and construction industry by bringing down the cost of construction as prices of building materials have been falling and skilled manpower is easily available.
Al Qaranshawi also advised the Gulf central banks to lower the ceiling of real estate loans offered by national banks to five per cent of the total loan amount rather than 20 per cent as it is in some countries currently.
Source - © Emirates Business 24/7 [28 October 2008]
He was speaking during the first Arab Real Estate and Urban Development Conference in Abu Dhabi.
"Tenders for projects valued at about $150bn have been issued during the last few weeks across the GCC. Most of these projects are in Saudi Arabia and the UAE," said Al Qaranshawi.
During the conference it was revealed that about 250 projects are currently being executed in the GCC member-states at a total cost of $2.39trn.
Conference Chairman and Director-General of Arab Administrative Development Organisation, Rifat Abdelhalim Alfaouri, said the global financial crisis has had no negative effect on the Gulf realty sector.
Speaking to Emirates Business, Alfaouri said all Gulf countries have been facing a major shortage of housing units. "The problem is not about excess supply," he said.
The global financial crisis, according to him will have a positive impact on the property and construction industry by bringing down the cost of construction as prices of building materials have been falling and skilled manpower is easily available.
Al Qaranshawi also advised the Gulf central banks to lower the ceiling of real estate loans offered by national banks to five per cent of the total loan amount rather than 20 per cent as it is in some countries currently.
Source - © Emirates Business 24/7 [28 October 2008]
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