International Standards were not required up until the latest Computing and Internet Social Media allowed a certain exchange of ideas and concepts.
The lack of these standards nowadays makes comparison of construction works between the MENA countries inefficient and inconsistent, creating uncertainty and adding unnecessary risks to investment decisions.
Business practices like all human activities be they in science, art, commerce, industry and /or sports are increasingly demanding global rules. We see this in the accounting arena, with its specific International Financial Accounting Standards (IFAS).
With however 70% of global wealth being in land and property, it is worth noting that valuation, measurement of property and ethics have become prime candidates for international standards. Construction of these properties and / or upgrading of those lands do have similar implications since it is basically through risky interventions that turn land into property or an asset.
Uncertainty, or risk, is therefore a major handicapping drag on investment in building and infrastructure construction and is more than often caused by a lack of knowledge as brought by compatible measurements that would facilitate comparison.
Professional bodies, such as those promoting and practising the International Construction Measurement Standards (ICMS) could appropriately connect with, and make the next step, of International Property Measurement Standards (IPMS). This is currently, an ongoing project that is so far recognised by the UAE government.
There is currently, a lack of measurement standards that are relevant to the construction industry at a global level. This lack of standards means that construction projects and the resulting assets make the analysis processes incomparable from one geographical market to another and consequently, global benchmarks illegible for cost, time, quality, risk and technology.
Comparison of construction works between countries is inefficient and inconsistent, creating uncertainty by contributing to creating a barrier to well-informed decisions, from commercial real estate investment portfolios, through to the individual dwellings and land rights of all developers especially those of the poorest sections of any society.
IPMS has been established as a grouping of professional bodies of over 40 organisations that were invited to agree, sector by sector, international standards for floor areas used in valuation, property management and construction.
This will examine current research on the economic advantages and efficiencies that global standards can bring to the construction process, how this might be applied to the building and infrastructure construction markets and the process for implementation of the project based upon learning from IPMS.