A recent ‘GCC infrastructure Market 2014’ report gives a good picture of the enormous monies being spent across the area with a close focus on five construction sectors such as rail, roads, airports, ports and free trade zones.
The report also works out that $97bn of rail contracts are already underway as all six countries work towards the planned 2,117km GCC-wide rail network by 2018.
The Ventures Middle East report conjointly prepared with the Dubai’s Big 5 construction exhibition of November says almost $300bn will be spent on airports over the next five years and expanding its seaports is estimated at $25bn. For instance, Qatar has invested $8.2bn in it Doha’s New Port Project, an important industrial outlet for the whole country.
It is believed that a vital part of any G.C.Country’s infrastructure development is free trade zones and all except Saudi Arabia offer them. The report maintains that Free Trade Zones, or Special Economic Zones, are designated areas for businesses to be set up. The UAE has the highest number of Free Zones in the GCC with 38. It also explains how these are meant to benefit foreign companies and suppliers together with the local economy at large but to above all offer a facilitating base.
The Big 5 organisers with this in mind and with a view to encourage international manufacturers and suppliers to set up their business in the UAE, a free seminar on How to Trade in the UAE, providing detailed information about free zones, legal framework and a step by step guide on how to do business in the country will be held from 17–20 November at the Dubai World Trade Centre