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Speaking at a pre-briefing for the MEED Arabian World Construction summit, which takes place in Abu Dhabi in February, Denis O'Connor, General Manager at ADCP (Abu Dhabi Commercial Properties), said: 'It will increase the labour costs, which we will have to absorb.' He made it clear though that companies could not continually absorb the costs.
ADCP, a wholly owned subsidiary of Abu Dhabi Commercial Bank, manages 3,400 buildings in the emirate, with 260 construction projects planned, 80 of which have broken ground.
Victor Orth, CEO and Managing Director at Al Qudra Real Estate, said that the GCC was likely to follow the EU with labour costs, and that the Common Market would also help make financial transactions easier. 'We have to create mini holding companies at the moment to get around being an outside company. But this doesn't help have more efficient, cost-effective flow of funds.'
ADCP, a wholly owned subsidiary of Abu Dhabi Commercial Bank, manages 3,400 buildings in the emirate, with 260 construction projects planned, 80 of which have broken ground.
Victor Orth, CEO and Managing Director at Al Qudra Real Estate, said that the GCC was likely to follow the EU with labour costs, and that the Common Market would also help make financial transactions easier. 'We have to create mini holding companies at the moment to get around being an outside company. But this doesn't help have more efficient, cost-effective flow of funds.'
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Rob Jones, Editorial Director
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