Dubai: The sudden increase in material and shipment costs since end-2000 remain the biggest challenge for the UAE construction sector, according to the head of Middle East operations at China’s biggest contractor.
Construction material costs, depending on the category, have risen by 10-30 per cent in these four or five months, adding to the worries of contractors and developers alike. So far, the full weight of the cost increases have not been passed on to project clients – but that too could change.
But it’s not just external factors that should worry industry players, according to Yu Tao, President and CEO at China State Construction Engineering Corp. (CSCEC), Middle East. To secure a project, “some contractors are tendering even with the price lower than their costs,” he said. “It further worsens the industry competition since profit margins for contractors are negatively impacted.”
ChinaEgypt prepares to start move to new capital, away from the chaos of Cairo
Aidan LewisMohamed Abdellah
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Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021. Picture taken March 8, 2021. REUTERS/Mohamed Abd El Ghany
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Egypt is racing to prepare a grandiose new capital city in the desert east of Cairo before the first civil servants move in this summer and ahead of the delayed official opening of President Abdel Fattah al-Sisi s flagship project.
At the heart of the city, workers are putting finishing touches to an avenue of ministries that echo the architecture of pharaonic temples and adjoin a raised Islamic complex, two domed parliament buildings and a sprawling presidential compound.
Egypt prepares to start move to new capital, away from the chaos of Cairo asiaone.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from asiaone.com Daily Mail and Mail on Sunday newspapers.
Publishing date: Mar 17, 2021 • 4 days ago • 3 minute read •
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CAIRO Egypt is racing to prepare a grandiose new capital city in the desert east of Cairo before the first civil servants move in this summer and ahead of the delayed official opening of President Abdel Fattah al-Sisi’s flagship project.
At the heart of the city, workers are putting finishing touches to an avenue of ministries that echo the architecture of pharaonic temples and adjoin a raised Islamic complex, two domed parliament buildings and a sprawling presidential compound.
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Why the Egyptian government is moving out of Cairo csmonitor.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from csmonitor.com Daily Mail and Mail on Sunday newspapers.