Eversendai Group said the outlook for the Middle East construction market remains bleak, though there are some market opportunities for infrastructure projects.
Founder and managing director Datuk A.K. Nathan said while there are fewer jobs in the Gulf region, and competition is stiffer than before.
"While the market in Dubai has slowed due to effects from the economic crises, activities are still vibrant in Abu Dhabi and Qatar. In the first seven months of the current year, we have won contracts worth RM500 million in Abu Dhabi and Qatar," Nathan told Business Times.
The contracts are to build a convention centre and the Nakilat Shipyard in Qatar for Qatar Petroleum, a high-rise corporate tower in Abu Dhabi, dubbed Capital Gate, and Dubai Pearl, a luxury condominium development.
Nathan added more projects are coming on stream in the Middle East worth a few billion ringgit and as such Eversendai is geared on getting more jobs.
Eversendai's on-going projects include building the New Doha International Airport, a contract worth RM420 million awarded by SO JV, and the 84-storey Dubai Tower project worth RM125 million awarded by the Al Habtoor/Al Jaber joint venture.
Eversendai, set up in 1984 builds steel structures that are transformed into dazzling buildings that famous architects design.
The group gained recognition when it completed Tower 2 of the Petronas Twin Towers in Kuala Lumpur in 1988.
Its entry into the Middle East was through the Burj Al Arab hotel project in Dubai, which it was awarded in 1995.
Burj Al Arab became the company's signature project and helped promote Eversendai. Since then, Eversendai has completed 50 projects in Dubai, Abu Dhabi, Bahrain, Saudi Arabia, Oman and Qatar.
They include buildings such as the Dubai Mall, Rose Tower, Emirates Towers, Ski Dome, Burj Dubai, Dubai Festival City and the Qatar Science and Technology Park.
By Business Times (by Sharen Kaur)
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