Dubai Investments Bolsters Construction Material Portfolio Amidst Boom Trend

DUBAI, Aug 25 (Bernama) -- Dubai Investments PJSC (DI), a leading investment company in the United Arab Emirates (UAE), has reinforced the production capabilities of its subsidiaries dealing in building materials amidst accelerating trends in the real estate and construction sector across the UAE and the region, Emirates News Agency (WAM) reported.

This comes in the wake of winning significant orders and project for 18 of its subsidiaries involved in the manufacturing of building materials and construction products.

DI subsidiaries such as Glass LLC, Emirates Building Systems and Dubai Cranes have reported a number of new projects across Dubai, Abu Dhabi, Qatar and Saudi Arabia, among others.

Notable projects won by DI subsidiaries include glass orders for Dubai Design, Habtoor Hotel, Masdar office building in Dubai, Credit Lebanese HQ in Beirut, steel structures for Riyadh Public Transport, three petrochemical projects for Saudi Aramco, end-to-end steel building solutions for FIFA 2022 stadiums in Qatar, petrochemical projects in Oman as well as residential and airport developments in the UAE.

Construction activity across the UAE has witnessed a major upswing this year, with projects worth US$46 billion awarded in 2014 alone, a significant rise from US$38 billion last year.

A vast majority of these contracts are in the residential sector, and the uptrend in the construction sector is set to boost the country's Gross Domestic Product for 2014 by four per cent to approximately US$404 billion, up from $390 billion in 2013.

Abdulaziz bin Yagub Al Serkal, General Manager of Dubai Investments, said that 2014 has been a momentous year for DI's business growth in the real estate and construction sector, noting that the construction industry has always been a key source in driving growth for the UAE's economy.

"The current upswing, especially in residential projects, has led to unprecedented demand for quality building materials and innovations - which offers us a huge growth opportunity," he said.

"High demand as a result of the construction boom in Saudi Arabia, Qatar, Oman, Kuwait and across the Middle East is also placing added demand on the capacities of our companies dealing in building materials."

In line with this, some of the DI subsidiaries have bolstered their production capacities, he said.

Originally posted here:
Dubai Investments Bolsters Construction Material Portfolio Amidst Boom Trend