Dubai World's debt restructuring has reinforced a trend among building contractors in the Emirates towards greater selectivity in the jobs they choose and an emphasis on infrastructure and overseas work.
While contractors were already suffering from payment delays and a slowdown in new business since the property sector fell victim to the global financial crisis last year, the surprise reorganisation has sharpened their shift in focus.
Arabtec Construction, the largest UAE builder by market value, is spreading out from its Dubai base by seeking work in Abu Dhabi, Libya, Algeria, Egypt and Lebanon.
"We've always been selective with the nature of the projects we go for, and clients," said Riad Kamal, the chief executive of Arabtec Holding, which owns Arabtec Construction.
"But we need to find a place where we can channel our resources, which are gradually being freed from Dubai."
The company is currently bidding to build hospitals and museums in the capital.
Arabtec Holding's share price fell in line with the property and banking sectors after the Dubai World decision, losing 17 per cent of its value in the two trading days this week.
Depa, the interior decoration company, shed 18 per cent while Drake and Scull, the contractor, lost 12 per cent. Markets reopen on Sunday.
While fewer projects are being tendered since the economic downturn began last year, builders are becoming pickier in their choice of clients, with financial stability and an ability to pay on time taking more of a priority.
"We like to think the jobs we go for are real jobs, you've got to be selective," said Nigel Harvey, the general manager of Murray and Roberts, a South African contractor. The firm was "looking more at social infrastructure work rather than residential", he said.
Rizwan Shah, the director of capital projects at the consultancy firm Deloitte, said there was greater demand from contractors for due diligence of their clients.
"If they do take on work, they need to question if the client will make money on their investment and be able to pay them," he said. "Previously there was certainly an oversupply of projects. Developers, some of which hadn't developed before, got carried away."
The main challenge now is maintaining resources capacity and keeping staff busy, said Kez Taylor, the managing director of Al Jaber Engineering and Contracting. "You've got to pick the right type of job.
"The market has changed compared to two years ago. It has got a lot more competitive. So we've got to look at other markets to maintain our level of resources."
Regional governments are continuing to spend heavily on infrastructure development as they diversify their economies, bringing more opportunities for contractors in the fields of transport infrastructure, as well as the construction of schools and hospitals.
Abu Dhabi said last month it would spend Dh3.67 trillion (US$1tn) on major infrastructure, property and manufacturing projects.
Saudi Arabia, which announced plans this year to spend Dh1.4tn on infrastructure projects, is also an important market for UAE contractors. Arabtec formed a subsidiary there last March and estimated turnover in its first year to be more than Dh1.47bn.
The Saudi government is also supporting the development of housing as it tries to ease a shortage.
"In Saudi, there are still massive projects and a massive demand for housing," said Mr Shah.
@Email:agiuffrida@thenational.ae
Meghan%20podcast
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Titan Sports Academy:
Programmes: Judo, wrestling, kick-boxing, muay thai, taekwondo and various summer camps
Location: Inside Abu Dhabi City Golf Club, Al Mushrif, Abu Dhabi, UAE
Telephone: 971 50 220 0326
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
SPECS
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
COMPANY%20PROFILE
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
DUBAI%20BLING%3A%20EPISODE%201
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Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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Nancy 9 (Hassa Beek)
Nancy Ajram
(In2Musica)
Company%20profile
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars