Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

India's $1 trillion infrastructure drive to lure UAE investors  Join our daily free Newsletter

MENAFN - Khaleej Times - 08/02/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Investors from the UAE are better placed to benefit from the exciting opportunities in India given the strong bilateral economic ties, top tanking officials of Builders' Association of India (BAI) said on Thursday



BAI, the apex body of the Indian engineering and construction industry, has more than 13,000 members



Under the current five-year plan, India eyes a total investment of more than 1 trillion by 2017 in infrastructure development. Such massive investment will boost Indian construction sector's contribution to the country's gross domestic product (GDP) in the next few years. Currently, the sector accounts for eight per cent of the GDP, Bhagwan J. Deokar, Chairman, National Convention Committee and past president of BAI, said. Addressing a press conference on the eve of BAI's 26th convention to be held in Dubai, Deokar said India is among the fastest growing economies in the world. Despite a slowdown in growth rate, which is currently at five per cent, on the back of strong economic fundamentals, India is poised to rebound, providing the construction sector a major fillip while offering overseas investors new opportunities to be part of the country's amazing growth story, Deokar said



More than 1,000 delegates from India are gathering at Atlantis, Palm Jumeirah, to discuss the challenges and opportunities in the Indian construction industry at the three-day event. Indian Ambassador to the UAE, T. P. Seetharam, Mirza Hussain Al Sayegh, Deputy Chairman, Oilfields Supply Center and Engr. Mohamed Al Noori, Director, Environmental Centre for Arab Towns at Dubai Municipality, will address the convention



Dr. J.R. Gangaramani, President and Executive Chairman of Al Fara'a Group, said India requires quality infrastructure. "This simple fact is the long-term driver of the construction sector as infrastructure investments are the most important growth driver for construction companies," he said



"While short-term factors will keep the sentiments subdued, over the long term, demand will remain strong. The proposed increase in allocation in the twelfth five-year plan (2012-2017) will translate into a healthy business for construction companies," Gangaramani said



With non-oil trade between India and the UAE crossing 75 billion and total trade (including hydrocarbon) reaching 85 billion in 2012, economic ties are growing strong. The growth opportunities and lucrative investment environment in India are poised to attract investors and construction majors from the UAE, said Gangaramani



India's construction industry has contributed an estimated Rs6707.78 billion to the national GDP in 2011-12



The sector is labour-intensive and, including indirect jobs, provides employment to more than 35 million people. Indian Planning Commission has proposed an investment of around 1 trillion in the 12th five-year plan, which is double of that in the Eleventh five-year plan, said C. G. Deochake, chairman of BAI.



"Indian construction industry is about to enter in a golden era where new investments in infrastructure is going to push the industry's growth to a new level," said Deochake



The proposed increase in allocation will translate into a healthy business for construction companies



Mahesh M. Mudda, Chairman of the organising committee of the convention, said India is witnessing a sustained growth in infrastructure build-up. The construction industry has been witness to a strong growth wave powered by large spends on housing, road, ports, water supply, rail transport and airport development, he pointed out



Demand for quality infrastructure construction is mainly emanating from the housing, transportation and urban development segments. India will become the world's third largest construction market by 2025, adding 11.5 million homes a year to become a 1 trillion a year market, according to a new study by Global construction perspectives and Oxford Economics



Mudda said over the past few years there has been a substantial increase in the number of contractors and builders, especially in the housing and road construction segment



According to a technical committee set up by the Ministry of Housing and Poverty Alleviation, the total housing shortage in the country stood at about 18.78 million at the start of the 12th five-year plan. This provides a big investment opportunity, the BAI official pointed out

 


Khaleej Times




  MENA News Headlines
 Oct 21 2014 - Kuwait Stock Exchange Closes on Red NoteQatar News Agency
(MENAFN - QNA) Kuwait Stock Exchange (KSE) ended Tuesday's trading session in the red zone as weighted index read 482.16 (-2.45 points), KSX 15 index at 1,175.79 (-7.15 points) and the price index ...

 Oct 21 2014 - Qatar- Transport Minister Leaves for EgyptQatar News Agency
(MENAFN - QNA) HE Minister of Transport Jassim Saif Al Sulaiti left Doha Tuesday heading to Egypt to preside over the 27th session of the Arab transport ministers' meeting, which will be held at the ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Agreement with ArgentineQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 44 of 2014 ratifying an agreement establishing a joint commercial ministerial committee between the government of ...

 Oct 21 2014 - Qatar- HH the Emir Meets Turkish Interior MinisterQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani met here Tuesday morning in his Emiri Diwan office with Turkish Interior Minister Avkan Alaa and his accompanying delegation on the ...

 Oct 21 2014 - Qatar- Attorney General Meets French Education MinisterQatar News Agency
(MENAFN - QNA) HE the Attorney General Dr Ali bin Fetais Al Marri met here today with French Education Minister Najat Vallaud-Belkacem. During the meeting they discussed ways to strengthen and ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Education MoU with CyprusQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 45 of 2014 ratifying a Memorandum of Understanding in the field of education between the governments of the State ...

 Oct 21 2014 - Qatar- HH the Emir Ratifies Cooperation Agreement with MoroccoQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani issued Tuesday Decree No. 46 of 2014 ratifying a cooperation agreement between the governments of the State of Qatar and the Kingdom of ...

 Oct 21 2014 - Qatar- HH the Emir Appoints Ambassador to Azerbaijan /Local Press/Qatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Tuesday issued Emiri Decision No. 80 of 2014 appointing Sayar Abdulrahman Jassim Al Mauda as Ambassador Extraordinary and ...

 Oct 21 2014 - Qatar- Real Estate Transactions Worth over QR655 Million Last WeekQatar News Agency
(MENAFN - QNA) Real estate transactions between October 12 and 16 for the real estate sales contracts registered at the Ministry of justice are worth QR655,303,640, the real estate registration ...

 Oct 21 2014 - Qatar- Plastic, Printing and Packaging Expo Opens SundayQatar News Agency
(MENAFN - QNA) Qatar Plastic, Printing and Packaging (QPPP) exhibition opens at the Qatar National Convention Centre (QNCC) October 26. The three-day expo will showcase manufacturing processes, ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help