Population growth rather than low oil prices is fueling the GCC construction sector, according to Spanish construction firm, Acciona.
A three-year lull in oil prices has forced GCC governments to cut spending, put a hold on some projects and slash jobs. Contracts in Saudi Arabia, the region's largest market, dropped by 51 per cent in the first quarter of last year compared to 2015, indicating a slowdown in the region's construction sector, according to an E&Y report.
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Read more:
Saudi Arabia makes another move toward privatisation
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Al Khodari, a contractor in the kingdom slashed more than 8,000 jobs in 2015 while the Binladin Group released up to 60,000 labourers out of 200,000 workforce last year, according to the consultancy's report. Several media outlets in Saudi Arbia reported this week that Saudi Oger, owned by the family of former Lebanese prime minister Rafik Hariri has closed up shop.
"We know that the market has recently contracted for infrastructure, but it's just an impasse," said Jesus Sancho, the Middle East director of Acciona. Infrastructure projects need to be developed for healthcare, housing, commercial needs and transportation as the population throughout the region continues to rise and put a strain on existing frameworks.
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Read more:
Second quarter blues for the UAE, Saudi construction sector, report says
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The population of the GCC rose by almost 20 per cent – more than six times the rate of growth in the United Kingdom or United States (2.9 per cent and 2.7 per cent respectively), according to the Centre for Economic and Business Research and ICAEW. In the UAE a child is born every three minutes with nearly 160,000 births to citizens and non-citizens in 2015, according to the latest figures from the Federal Competitiveness and Statistics Authority.
"Anything that's intimately related to the growth of populations are the first priorities that clients are tending to," he said.
The rapid pace of growth trickles into the utilities sector, impacting power and water projects in the pipeline across the GCC. That has led to a 10 per cent year-on-year growth for Acciona's Middle East division with a turnover of more than US$1.3 billion last year, of which the UAE accounts for about 70 per cent.
"At the moment the frontline is the UAE, the country hasn't stopped issuing tenders and contracts – it's quite active," said Mr Sancho.
The company's membership of the consortium that won the Dubai Metro expansion by the Road and Transport Authority (RTA) worth $2.5bn as well as the $800 million engineering, procurement and construction project of the 800 megawatt solar plant by the Dubai Electricity and Water Authority has fuelled Acciona's revenue.
Beyond the UAE, Saudi Arabia is on the firm's radar given the direction set out by the National Transformation Plan and economic development agenda under Vision 2030 which aim to open the country to private investment. The kingdom is preparing tenders for public-private partnerships in various sectors including power and construction.
These projects "will be massive" and Acciona is looking to gain a piece of the pie, said Mr Sancho.
Across the oil-reliant GCC, measures are being implemented to have companies carry more of the financial burden for projects to help ease the pressure on government coffers.
The size of projects that are coming up in Saudi Arabia will run into the tens of billions of dollars, including replicating the Riyadh metro line across other large cities such as Jeddah and Dammam.
Gulf countries are also ramping up efforts into renewable energy to help offset demand for oil and gas as the main feedstock for electricity. Mr Sancho added: "We are aiming to continue growing. If say there are four to five mega projects a year in the GCC, we expect to get at least one."
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
SPECS
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
FIGHT%20CARD
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The specs
Engine: 6.2-litre V8
Transmission: seven-speed auto
Power: 420 bhp
Torque: 624Nm
Price: from Dh293,200
On sale: now
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
COMPANY%20PROFILE%20
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The biog
Job: Fitness entrepreneur, body-builder and trainer
Favourite superhero: Batman
Favourite quote: We must become the change we want to see, by Mahatma Gandhi.
Favourite car: Lamborghini
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
MATCH DETAILS
Manchester United 3
Greenwood (21), Martial (33), Rashford (49)
Partizan Belgrade 0
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
JOKE'S%20ON%20YOU
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Meg%202%3A%20The%20Trench
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Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
Syria squad
Goalkeepers: Ibrahim Alma, Mahmoud Al Youssef, Ahmad Madania.
Defenders: Ahmad Al Salih, Moayad Ajan, Jehad Al Baour, Omar Midani, Amro Jenyat, Hussein Jwayed, Nadim Sabagh, Abdul Malek Anezan.
Midfielders: Mahmoud Al Mawas, Mohammed Osman, Osama Omari, Tamer Haj Mohamad, Ahmad Ashkar, Youssef Kalfa, Zaher Midani, Khaled Al Mobayed, Fahd Youssef.
Forwards: Omar Khribin, Omar Al Somah, Mardik Mardikian.
PAKISTAN SQUAD
Pakistan - Sarfraz Ahmed (captain), Azhar Ali, Fakhar Zaman, Imam-ul-Haq, Babar Azam, Shoaib Malik, Mohammad Hafeez, Haris Sohail, Faheem Ashraf, Shadab Khan, Mohammad Nawaz, Mohammad Amir, Hasan Ali, Aamer Yamin, Rumman Raees.
UAE currency: the story behind the money in your pockets
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
COMPANY%20PROFILE
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
More from Neighbourhood Watch:
COMPANY%20PROFILE
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If you go
The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates.
The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
When to go
The summer months, from December to February are best though there is beauty in each season
UAE currency: the story behind the money in your pockets
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
CRICKET%20WORLD%20CUP%20QUALIFIER%2C%20ZIMBABWE%20
%3Cp%3E%3Cstrong%3EUAE%20fixtures%20%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonday%2C%20June%2019%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3ESri%20Lanka%20v%20UAE%2C%20Queen%E2%80%99s%20Sports%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWednesday%2C%20June%2021%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EOman%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFriday%2C%20June%2023%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EScotland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETuesday%2C%20June%2027%20%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3EIreland%20v%20UAE%2C%20Bulawayo%20Athletic%20Club%3C%2Fp%3E%0A
LA LIGA FIXTURES
Saturday (All UAE kick-off times)
Valencia v Atletico Madrid (midnight)
Mallorca v Alaves (4pm)
Barcelona v Getafe (7pm)
Villarreal v Levante (9.30pm)
Sunday
Granada v Real Volladolid (midnight)
Sevilla v Espanyol (3pm)
Leganes v Real Betis (5pm)
Eibar v Real Sociedad (7pm)
Athletic Bilbao v Osasuna (9.30pm)
Monday
Real Madrid v Celta Vigo (midnight)
World Cup League Two
Results
Oman beat Nepal by 18 runs
Oman beat United States by six wickets
Nepal beat United States by 35 runs
Oman beat Nepal by eight wickets
Fixtures
Tuesday, Oman v United States
Wednesday, Nepal v United States