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China is eyeing the US$2.8 trillion construction market in the GCC, according to executives at Deloitte
The Deloitte offices in Dubai hosted a set of Chinese construction industry executives and service professionals last week, where Deloitte executives provided an insight into the latest trends in the GCC construction industry in addition to recommending best practices in project and portfolio management.
Deloitte Middle East construction industry lead partner Cynthia Corby said, “There are a growing number of Chinese construction and construction-related companies coming to do business in the Middle East. Deloitte, with its extensive cross-border network across functions and industries is adequately placed to anticipate and address such clients’ business needs in this exciting yet challenging part of the world. With a global reach and regional expertise, Deloitte connects the expectations between policy-makers, industry associations and market participants, bringing in relevant insights while providing services and solutions that are effective, implementable and sustainable.”
Deloitte managing director on capital projects Andrew Jeffry delivered a presentation titled Regaining Control of a Portfolio, which employed a case study of a listed MENA contractor that has a diverse portfolio across multiple locations. According to the data in the presentation, there was a strong emphasis on areas that are imperative to establishing a first-class governance framework. Jeffry said that Deloitte was observing a trend in projects that involved heightened risk and complexity, while global contractors are seeking a “more for less” approach.
In addition to discussing the various construction trends, attendees were given an introduction to Deloitte’s 2015 Powers of Construction report, titled Construction – The Economic Barometer for the Region, which provided a market overview for each GCC country, as well as the highlights of a survey conducted in March and April 2015 among CEOs and CFOs of construction companies from the region. The findings indicate their views on a range of issues impacting the construction industry, including key concerns and optimism levels, with the latter showing an increase on 2014. Based on the feedback from the attendees, Deloitte officials were confident that there would be better interaction between the Middle East and Chinese construction community in the months to come.