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Growth may not be sustainable, minister warns
- Monday, February 11 - 2008 at 14:09
Her Highness Sheikha Lubna Al Qasimi, the head of the UAE's Ministry of Economy and Planning, said the construction boom in the Middle East is presenting new opportunities and challenges for the industry. Speaking at the Meed Arab World Construction Summit, she said that Dhs5.9tr ($1.6tr) worth of projects are currently being implemented in the Gulf, which is a third greater than 2007. However, she warned that the industry 'must determine if such unbridled growth is sustainable'. She said the industry faces particular challenges in terms of labor and resource constraints. She pointed out that the UAE's steel demands, which were 5 million tons in 2007, are expected to double to 10 million tons in 2010.
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Jeff Florian, Senior ReporterMonday, February 11 - 2008 at 14:09 UAE local time (GMT+4)
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This article was updated on Tue Feb 12 2008.
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