Dec 2022 - Jan 2023

The Middle Eastern countries are one of the fastest growing markets for the construction industry due to the presence of fast-growing economies which are witnessing increasing spending on residential, commercial as well as institutional construction markets. Consistently growing demand from end-use industries, particularly construction, oil and gas pipelines, and automotive is fuelling the demand for paints and coatings in the Middle East. The three T's: Tourism, Technology and Transportation are the driving forces going 'Together Towards Tomorrow!'

The bold decisions of conducting the Expo 2020 and the World Cup 2022 and the massive preparations in spite of the prevalent conditions set the ball rolling. For example, following the launch of Saudi Arabia's Vision 2030 in 2016, the Kingdom is on its way to becoming the world's biggest construction site with a total investment of $1.1 trillion in infrastructure and real estate projects. Oman Vision 2040 is the Sultanate's gateway to overcome challenges, keep pace with regional and global changes, generate and seize opportunities to foster economic competitiveness and social well-being, stimulate growth, and build confidence in all economic, social and developmental relations nationwide. Kuwait's 2035 vision aims on transforming Kuwait into a financial and trade hub regionally and internationally, and becoming more attractive to investors.

In October 2020, the Dubai Tourism Strategy was launched by the Dubai Department of Tourism and Commerce Marketing (DTCM) Operation 300bn, the UAE's industrial strategy. This is likely to stimulate construction activity, particularly in the commercial segment. This presents opportunities for the construction of new hotels, bars, restaurants, and shopping centers to support an influx of tourists. In addition, Abu Dhabi's Department of Culture and Tourism plans to invest $6bn in strengthening cultural and creative industries in the UAE's capital over the next five years, presenting further construction opportunities.

All this is bound to strengthen the demand for the coatings, paints and corrosion mitigation sectors. In this issue, we talk about some of the major projects and how it hopes to boost demand. All this and much more including all our regular columns and features in this issue.

As the year grows to a close let me take this opportunity to wish you all, our readers, advertisers and well-wishers a great New Year ahead!!!