The global construction industry is expected to grow by 70% in the next decade, with forecasts predicting it will be worth $12 trillion in 2020, compared to $7.2 trillion today. That’s why the CIOB have swooped in, to try and create jobs for UK contractors in the area.
The CIOB plans to use its new foothold in Dubai to launch new initiatives and construction projects across Abu Dhabi, Oman, Qatar and Saudi Arabia.
The CIOB’s Head of International, Amy Gough says that, “The expectation is that China, India and Eastern Europe will be the new magnets for construction activity.”
Ms Gough continued to say that, “we are still seeing our own members , and other construction professionals, migrate towards the Middle East.”
It is no surprise that the Middle East and countries like India and China are booming, as they are two of the world’s fastest growing countries and the next two big superpowers. A report published this month by Global Construction Perspectives and Oxford Economics found that China and India are expected to contribute half of the $4.8 trillion increase over the next nine years.
The other benefit of companies like the CIOB having a base in the Middle East is the arrival of the 2022 World Cup in Qatar. It may be over a decade away, but UK construction firms could have a big part to play in helping the country get ready for the world’s biggest sporting event.
It may have not been a popular choice for Qatar to host the 2022 World Cup among football experts, but it could have a similar effect to the 2012 Olympics, in terms of creating work and jobs for contractors abroad.