CALEFFI OPENS IN DUBAI
Caleffi is opening a representative office in Dubai to cover the GCC* countries.
The Persian Gulf countries have major development plans, which are very ambitious in terms of investment and size. Commissioned and supported by the crown princes, starting with MbS (Mohammad bin Salman), the Crown Prince of Saudi Arabia, these plans go beyond EXPO 2020 and include Saudi Vision 2030, a huge project aimed at ensuring that the economy of the GCC states is independent of oil resources. All six states of the Gulf Cooperation Council are looking to the future and want to boost their economy starting with infrastructures, especially in the tourism and hospitality sectors – also for business purposes – by investing hundreds of billions of dollars, and with high-end construction.
Together with the Emirate of Abu Dhabi, Dubai is expecting 20 million visitors for Expo 2020, between October 2020 and April 2021. More than 50K hotel rooms are being built.
Qatar is looking forward to welcoming visitors for the 2022 FIFA World Cup and new investments are already coming.
Saudi Arabia is focusing on world-class tourism by designing a brand new and innovative hub, such as the futuristic Neom, the world’s largest smart city: this $500 billion investment will cover an area of more than 26,000 km2 and will extend 460 km along the Red Sea coast. Impressive indeed!
Oman, Bahrain and Kuwait will start modernising international airports and investments will essentially be made to attract international tourism by 2025 (the same year in which the first part of Saudi Vision 2030 is expected to be completed).
In short, huge investments, a lot of buzz and epochal revolutions also in social and economic terms: a potentially lucrative market for all the players involved.
Caleffi has been working with local partners for some time now and, given the prospects, has decided to open local offices so that it can be flexible and act promptly when it comes to working on projects that are being analysed or proposed, as well as on site. The representative office, in the SAIF Zone, which already hosts leading international businesses, will continue to monitor the construction sites currently underway in the residential, commercial and healthcare and hospital sectors and its goal will be to gradually expand the business.
At present, our portfolio includes prestigious projects, such as with the Ritz Carlton Hotel, Mohammed Bin Rashid Al Maktoum City - District One, the Mulberry I and the Address Hotels group, but it is still too early to reveal more.
What is GCC? The Cooperation Council for the Arab States of the Gulf was established in 1981 and consists of six countries (Saudi Arabia, Bahrain, United Arab Emirates, Kuwait, Oman and Qatar). Its aim is to create a common market and ensure economic and political stability in this macro-region. You can find out more about its history, details and insights here.