Thriving trade relations between the UAE and South Korea and growing signs of recovery in the Middle East construction industry is drawing many South Korean building machinery giants to target the region for business growth. One of South Korea ‘s leading manufacturers of heavy construction machinery, Power Technology and Quality Co (POQUTEC), has just forecast Middle East sales of $4 million for 2010. POQUTEC is among 11 South Korean companies which will have a strong presence in Dubai next month at the Big 5 PMV, the Middle East ‘s leading event for plant, construction machinery, equipment and vehicles. Arriving in higher numbers than in previous years, the Koreans are encouraged by the large number of projects that are currently underway across the region, despite the global economic slowdown. According to Proleads Global, the UAE continues to be one of the most active construction markets in the world, with more than 750 active construction projects and 450 recently completed. Research by consultants BNC has revealed that around $1.3 trillion worth of projects are currently underway in the UAE, while the value of projects in Bahrain doubled to almost $8 billion and those in Qatar increased 71 per cent over the last year. “Dubai is a destination hub, attracting a large number of GCC and international visitors each year. Its geographic location creates the perfect place for Asian manufacturers and suppliers to meet new business partners from the Middle East and Europe ,” said Nick Webb, director of Streamline Marketing Group, organizers of the Big 5 PMV which takes place from 23-26 November at the Dubai International Convention and Exhibition Centre. “We've noticed a more optimistic mood from the construction industry in general, as underlined by the response from our South Korean exhibitors which reflects the strong links between the two countries.” The UAE is the second largest oil and natural gas exporter to South Korea and South Korean construction firms have played a key role in the UAE's industrial infrastructure development. The countries have been strengthening their relationship in recent months with the signature of a bilateral nuclear agreement, opening doors for South Korea to enter a competitive $40 billion bid to build the UAE's first nuclear plant.
