Contractors get paid quicker and 26,650 Dubai apartment and villa dwellings are set for occupancy
The construction industry in the UAE is slowly turning around, as seen in the improved payment times between developers and contractors, according to Shaikani Contracting who are included in the Shaikhani Group.
These improvements in contractor payment wait times can be seen easily in Dubai. Numerous development firms have released contractor payments that have been withheld since the effects of the worldwide financial crisis were seen in the UAE. This was noted by the Shaikhani Group who have a variety of business interests including property development, IT, trade and manufacturing.
Current expectations for the market say that there will be 26,650 apartment and villa dwellings ready this year as Dubai begins to enter a recovery period. An important positive shift in the industry, this projection comes after the sector has seen some hard times. In 2009 the construction sector experienced a contraction when around $500 billion in projects were cancelled or stopped as a result of the decline in real estate values that began in 2008.
Officials of the contracting arm of Shaikhani note that the situation is looking up and there is plenty of opportunity for contractors in the region.
Shaikhani credits the Dubai Government for the improvements in the construction industry, citing their strong support.
Rizwan Shaikhani, the Managing Director for the contractor side of the group, is positive about both the change in the industry and the company’s own position, noting that the shorter payment wait times will allow the firm to grow throughout the UAE. He notes they are looking forward to resuming construction work and rising to the top of a wide group of active contractors around the nation.
Taking the growing number of opportunities into account, especially those in Dubai and Abu Dhabi, as well as Qatar, Saudi Arabia and Kuwait, Shaikhani Contracting has plans to offer jobs in Dubai to increase their engineering, technical and non-technical staffing groups. They hope to have a broad portfolio of top of the line services to offer clients across the region.Andrew Reid, Staff Writer, Gulf Jobs Market News