Sector to form 24.4% of country's GDP
As the economy continues to build up steam in the region, riding on rising government spending on civil infrastructural projects, total capital invested in construction and infrastructure is set to increase dramatically.
According to research by Business Monitor International (BMI), total capital investment in construction and infrastructure in the UAE is set to reach AED 480.7 billion (US$ 131.7 bn) by 2016, a near doubling from the AED 284.4 bn ($ 77.4bn) invested in 2011. By 2016, the sector is expected to form 24.4% of the country's GDP, underlining the importance in the overall development of the economy.*
The growing level of investment and interest in the rapidly expanding infrastructure sector is expected to impact favourably on the demand for fresh supplies of hardware, tools, building material and machinery, according to Epoc Messe Frankfurt, organiser of Hardware+Tools Middle East, the region's only dedicated trade fair for tools, material and machinery.
“The creation of new infrastructure is vital for a country to meet the requirements of a growing economy and to cater to anticipated future needs,” said Ahmed Pauwels, CEO of Epoc Messe Frankfurt. “By showcasing a range of the latest offerings in tools, building supplies and machinery from international manufacturers right here in the UAE, and highlighting the latest industry trends, Hardware+Tools Middle East continues to play its part in the development of the regional industry,” he added.
Apart from the ongoing creation of a vast new transport infrastructure of roads, railway and new airport terminals, additionally plans are already in the pipeline for the construction of at least 12,500 houses as part of a massive government housing project according to the Business Monitor International Report.
As the Middle East's only dedicated trade fair for hardware, tools, materials and machinery, Hardware+Tools Middle East 2013 is expected to attract participation from key players keen to harness the region's potential.
Hardware+Tools Middle East 2013, which will be held at the Dubai International Convention and Exhibition Centre from June 11th to 13th, has four main focus areas, namely: Tools, Machinery, Materials and Hardware.