Can the construction industry in the Middle East sustain itself?
I think that Middle East construction will definitely sustain itself. Building material costs are 30% to 35% reduced now and I am very comfortable with these prices. The cost of importation is also going down, along with the currency exchange rate, which makes it cheaper to import materials and resources. Big developers have the comfort that they can build buildings at a reasonable price now. Even the air conditioning and electricity is at a very good price. The financial crisis hasn’t affected us in a major way. When we were handing over contracts we were delayed by about two to three months, due to the changing value of contracts and we had to re-calculate everything and re-negotiate with the contractors, but we haven’t cancelled any projects. By helping to ease up the tight liquidity in the Dubai market, the construction industry will be given a new lease of life and delayed or cancelled developments will start up again. How does the UAE market compare to other Middle Eastern countr
