| | OCTOBER 20238IN FOCUSDMCC STRENGHTENS UAE-GREECE TRADE TIESSAUDI DOMINATES MENA CONSTRUCTION MARKET WITH MAJOR STAKESThe inaugural Made For Trade Live roadshow in Greece was a triumph for DMCC, the world's flagship free zone and the Government of Dubai Authority on commodities trade and entrepreneurship. DMCC hosted business executives from around Greece throughout the roadshow, which included Athens and Thessaloniki, to present Dubai as a platform for Greek firms to develop abroad.As it seeks to solidify bilateral trade routes with key markets across the world, this latest DMCC roadshow was held with the central aim of boosting relations between the UAE and Greece in line with the landmark Comprehensive Strategic Partnership agreement signed in 2020, as per zawya.DMCC executives briefed business leaders from various sectors about the benefits of doing business in Dubai through DMCC, emphasizing the exceptional infrastructure, specialized industry offerings, and business-friendly environment that have solidified Dubai's position as a leading international business and trade hub.Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: "From shipping to energy, technology and healthcare, the UAE and Greece enjoy a robust trade relationship that continues to strengthen, with the signing of the Comprehensive Strategic Partnership heralding a new era of mutual collaboration that has yielded recent strategic investments in critical infrastructure. DMCC is home to over 130 Greek businesses, a figure that will inevitably grow as Greek multinationals and SMEs seek greater access to the global marketplace from leading international trade hubs like Dubai. As our first ever roadshow in the country, this is a landmark event for DMCC as we take another vital step towards deepening the promising trade and investment landscape between the UAE and Greece. Saudi Arabia has seized the lead in the construction sector in the Middle East and North Africa, accounting for 67 percent of total project value in the first half of 2023. According to the global property consultant's most recent construction market intelligence report, the MENA region awarded projects worth $101 billion in the first six months of the year, with Saudi Arabia contributing around $44 billion. The UAE also contributed a big contribution, with $23 billion in projects granted. Both markets increased in comparison to the same period the previous year. Laura Morgan, market intelligence lead for MEA at JLL, said: "While global interest rate hikes, high levels of inflation, and a sluggish trade recovery continued to impact the construction industry globally, the region stood out as an anomaly showcasing a sustained growth trajectory." Although Egypt saw a decline in the value of awarded projects during the same period, the country has maintained a robust pipeline of upcoming projects. Saudi Arabia awarded $5 billion worth of projects in the residential sector and $2 billion in leisure projects, as per arab news. The report highlighted that "the combined estimated value of the project pipeline in the MENA region exceeded $3 trillion, with Egypt, KSA, and the UAE accounting for over 60 percent of this value." The Kingdom controls around 35percent of the market, with an estimated worth of $1.3 trillion, while Egypt and the UAE each control $500 billion.
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