Slowdown signs - Arabtec does not see Dubai returning to heyday
Monday, 21 Sep 2009
Arabian Business reported that Arabtec Construction does not see Dubai's construction market returning to the heyday of the emirate's property boom, giving impetus to its expansion abroad.
Mr Thomas Barry CEO of Arabtec Construction said that the Dubai based contractor, the UAE's largest by market value has won contracts in Saudi Arabia and Abu Dhabi so far this year as it ventured further afield to weather a property downturn in its home market.
Mr Barry said that "They talk about turning around, maybe by the middle of 2010 but I don't think it will ever achieve the scale and the heights that it was at before."
