With overall market statistics and named project information, the report once again provides unique detail on the commercial, education and healthcare fit out opportunities available to North American companies in the Middle East region.
An extract from the overall conclusion of the Report confirms as follows :
The GCC’s fit out industry has its hands full heading into 2016 due to heightened construction activity, and the completion of structural works on large-scale. Fit out operations have evolved in line with industry changes, and modern fit out designs and practices are transitioning to suit international standards. This evolution can be attributed to the rapid globalisation ambitions of local GCC markets such as the UAE and Qatar.
As sustainability has become a major issue, the fit out industry has experienced increased pressure to implement environmentally-responsible practices.
Despite the slump in oil prices, the GCC building construction and interiors market is clearly set for a sustained upward stint over the next few years.
– The GCC interiors and fit out spend in the Commercial Sector is expected to increase from US$ 1,150 million in 2015 to US$ 1,168 million in 2016.
– All GCC countries are likely to register an upward trend in 2016 in terms of interior and fit outs spend except for Saudi Arabia.
– The interiors and fit out spend in the UAE Commercial Sector alone is likely to increase from US$ 328 million in 2015 to US$ 350 million in 2016.
With effect from 1st Aug 2014, Independent Freight has moved to a state of the art logistics building, providing multiple door, all weather, concurrent loading access, and expanded on-site office and warehouse facilities.
With effect from Friday 1st August our new address will be :
Independent Freight International
580 Bonnie Lane
Elk Grove Village IL 60007
Telephone and Fax numbers have not changed.
We look forward to welcoming you to our new facility !
Officials in the UAE are reviewing a draft commercial law that will allow 100 percent foreign ownership of some companies, Bloomberg reported, citing the undersecretary of the Abu Dhabi Department of Economic Development.
The Abu Dhabi government and others within the UAE are reviewing the draft legislation, which would allow some sectors to operate outside of free zones, said Mohamed Omar Abdulla.
“We recognise the importance of the foreign companies to have 100 percent ownership, but within specific rules and conditions,” he said.
Companies that are eligible would “have to be within the industries that have certain priorities within the economy, like petrochemicals, communications, logistics, aerospace, financial, and others,” he added.
Under UAE law, only nationals are allowed full ownership of companies operating outside of free zones. The law currently requires foreign citizens to have a UAE national as a partner or sponsor to conduct business.
The Gulf state has been trying to diversify and modernise its economy, developing areas including tourism and finance, in a bid to reduce its dependence on oil exports.
The UAE’s state news agency in December said the cabinet had approved a draft companies law that may allow foreign ownership above 49 percent.
The legislation lays down a framework for the governance of public companies, ensuring transparency and disclosure of financial data as well as the efficiency and integrity of the board of directors, WAM said