World Fence News

86 • JANUARY 2018 • WORLD FENCE NEWS 1.800.574.1076 • www.eprivacylink.com MADE IN USA Call for a FREE price quote today. 98% approx. privacy - 2" mesh 90% approx. privacy - 2 1/4" mesh Rigid flat double-wall body design with 2 inside legs for support 9 bright, attractive colors We've redesigned our patented Ultimate Slats™ and given its side fins a smooth, more appealing appearance while maintaining their incredible privacy and security. Ultimate Slats ™ Ultimate Slats New and improved Compare to other privacy slats - 4 side fins vs just 2 for more privacy Booth 1231 Patented In late August, the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum, called for greater regu- lation of real estate developments in Dubai in order to ensure that real es- tate supply and demand remains bal- anced. The announcement followed a sharp slowdown in Dubai's property sector and mounting concern about growing oversupply of real estate in Dubai, particularly in residential and shopping mall developments. Investment in Dubai's real estate sector has surged since 2012 as the emirate recovered from near financial collapse triggered by the global finan- cial crisis. Further impetus came in 2013, when Dubai secured the rights to host the 2020 World Expo, which has tur- bo-charged property and infrastruc- ture investment in the emirate. The real estate surge has kept construction companies busy while the rest of the region has struggled with the impact of political instability and the collapse in oil prices in 2014. Following Sheikh Mohammed's statement, a new real estate planning committee was established tasked with balancing supply and demand. The committee includes represen- tatives from Dubai's leading devel- opers and it is expected that the new body will focus on curbing the launch of new projects, GlobalData reported. The move leaves Dubai's con- struction sector wondering where its future work will come from. The problem for contractors is ag- gravated by the construction work for Expo 2020 finishing next year. There are around $6.5 billion of ongoing construction works at the Expo site that will be completed by the middle of next year ahead of the event starting on October 20, 2020 GlobalData reported. Colin Foreman, deputy editor at GlobalData, said, "Construction is a major component of Dubai's economy. However, statistics on its contribution tend to downplay its importance. This is because other sectors are indirectly reliant on construction activity. "For example, many of the prod- ucts manufactured in the emirate are used exclusively by the construction sector. Furthermore, for service sec- tors, many professions, such as legal, are heavily dependent on work that the construction sector creates. "The hope is that the emirate's leadership will continue to invest in infrastructure projects to support eco- nomic growth. The big question is, what schemes will go ahead?" he said. The largest upcoming project in Dubai is the $33 billion expansion of Al-Maktoum International Airport. The emirate's new airport is now the bellwether project for Dubai?s con- struction sector over the coming years. Work is progressing in the proj- ects, although last year Dubai con- firmed that it had moved the target opening date for the first phase from 2025 to 2030. A $2.7 billion substruc- ture package is currently being ten- dered for the expansion of Al-Mak- toum International airport. It is the biggest construction con- tract to be tendered in Dubai this year and is of pivotal importance for the fu- ture of emirate's construction sector. Airport development is key to the future of Dubai construction, according to GlobalData 86 • DECEMBER 2019 • WORLD FENCENEWS

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