The Middle East is expected to spend over $4 trillion on transportation, oil and gas, power and water sector in the next 10 years, according to a senior Jebel Ali Free Zone (Jafza) official.
“Transportation, oil and gas, power and water are four main sectors that will create strong opportunities for the building and construction industry in the region. The countries in the Middle East are expected to spend more than $4 trillion on these sectors in the next 10 years. If Dubai succeeds in its bid to host World Expo 2020, more will be added to these opportunities,” said Mohamed Al Janahi, Deputy CEO of Jafza and Chief Commercial Officer of Economic Zones World.
“The market dynamics offers attractive long-term growth prospective to not only the existing companies in the sector in Jafza but also to new industry majors in the construction and infrastructure development sector from across the world. Jafza, as the regional hub, offers a perfect platform to the investors from where they can serve the entire region efficiently.”
Speaking about Jafza Pavilion, the Free Zone’s new initiative this year, Al Janahi said: “Jafza Pavilion at this year’s Big5 show is our one more key initiative to support our customers in achieving faster growth. The Pavilion will help Jafza companies achieve greater industry exposure and avail more interactive business opportunities. We expect Jafza Pavilion to grow both in size and scope with each passing year.”
The Big5 Show will be held in Dubai from November 25-28 at Dubai World Trade Centre.
Jafza is currently home to 975 multinationals in the construction sector who serve the regional markets. In terms of numbers the sector has grown at a compounded annual growth rate of 7 per cent.
Eleven companies have joined Jafza pavilion this year besides the Free Zone’s three key partners namely DP World, Dubai Customs and Imdaad. The companies joining the pavilion are ArcelorMittal, Conares, Al Nimr Steel, AB Metals, Duke International, Mideast Metals, Bold International, Cariolato, SMG, Naffco and Cana Shipping and Management.
Established in 1985, Jafza is today home to over 7,000 companies, including more than 120 of the Global Fortune 500 enterprises from across the world.