New Thinking for the New Normal

13 December, 2017 | By RICHARD THOMPSON

The region-wide fiscal rebalancing triggered by the fall in oil prices since 2014 has had a profound effect of the region’s construction industry.

Many of the issues that have dogged the industry for years such as late payments, unequal contracts, and disputes over project variations, have been exacerbated by the slowdown in new projects. And contractors say that cash flow is the biggest challenge that they are facing today.

But just as the region’s governments have responded to lower oil prices with-ranging reforms, the drop in oil prices also presents an opportunity for the UAE construction industry to change and to get rid of some of its entrenched, self-harming practices.

In New Thinking for the New Normal, a construction industry research report from MEED in partnership with Mashreq, senior stakeholders from across the UAE construction industry set out their views on the challenges facing the UAE construction industry today. And on the opportunities for change.

Download New Thinking for the New Normal now to find out about the opportunities and challenges facing UAE construction.

Resurgent Abu Dhabi creates new challenges for construction

The economic stimulus package approved in June has been followed by a flurry of tendering activity Abu Dhabi’s construction sector was given a boost in early June when Crown Prince Sheikh ...

Is this the end of public-private partnerships in the GCC?

A look back at the history of attempted PPP projects in the region highlights a catalogue of failures When looking back on the history of the GCC projects market, we can ...

Construction sector grows as project spending peaks

Contract awards on Bahrain’s airport and aluminium smelter drove a record performance in 2016 While the construction market in the rest of the GCC flounders as government spending dips, Bahrain has managed ...

Meraas forms strategic partnership with Canada’s Brookfield

The partnership will explore growth opportunities in the retail sector across the GCC region Dubai-based Meraas Holding has entered into a AED5bn ($1.4bn) strategic partnership with Canada’s Brookfield Asset Management to ...

IMF says economic growth in GCC to remain subdued

Medium-term growth prospects in the GCC remain subdued amid relatively low oil prices and geopolitical risks, according to a report by the Washington-based IMF issued on 14 December. The IMF says ...

Transforming Construction: Lessons from Oil & Gas

IMPARTING KNOWLEDGE: The region’s construction industry is in a state of revival and can learn valuable insights from its oil and gas counterpart With nearly $1.6tn-worth of major building and infrastructure ...

The region’s project pendulum swings

Government-led projects will be the focus for construction across the region in 2019 while public-private partnership schemes remain in vogue The region’s construction market over the past five years has been ...

Dubai construction stalls as contract awards slow

Tough times lie ahead for the market as projects are put on hold and developers are forced to lay off staff Dubai has propped up the UAE’s construction market in recent ...

Construction costs are expected to rise in 2019

Costs in Riyadh will increase the most with gains of 5 per cent Construction costs in the Middle East are expected to increase during 2019, according to a report by UK-based ...

Regulating Construction: Adapting to New Standards

Regulatory changes pose challenges for companies and regulators. But they also provide opportunities The Gulf construction industry is facing an important transition as it seeks to iron out the chronic weaknesses ...

Resurgent Abu Dhabi creates new challenges for construction

Is this the end of public-private partnerships in