Companies eye Middle East opportunities
Despite increased competition in the booming Gulf Arab construction market, Chinese representatives told the media at The Big 5, the biggest annual Middle East construction fair which was held from Nov 17 to 21, that they still see potential for more business in the region.
According to Citigroup, the value of construction projects underway or in the pipeline in the six Gulf states has reached $1.67 trillion. Mega cities and skyscrapers are built on desert spots and man-made islands to prepare for the time when oil runs out one day.
In Saudi Arabia alone, there is an excess demand for five million homes, and Chinese firms are keen on grabbing a share from the growing cake, although competition is fierce, said Zee Qian, international sales manager at Wuxi Weihua Machinery Company from Wuxi, Jiangsu province.
