Tuesday, 12 April 2016 00:00

The ongoing slump in global oil prices, and its impact on state spending in the GCC, has compelled construction firms in the region to explore new geographies. Iran is rapidly emerging as a formidable option within this context. 

Supplier firms, keenly aware of fluctuating fluidity within the regional construction industry, are conscious about Iran's potential as a market for their operations.  

Juan Vela, regional director at dorma+kaba, told Construction Week that Middle Eastern countries, such as Egypt, form a crucial part of his firm's future plans. 

"With the recent new developments in the Egyptian pound, we see more scope of venturing in these markets," Vela said.

"The aim of raising direct foreign investment proves to be a pull for companies now to enter the country.

"Iran is certainly the next big emerging market," Vela asserted.

"In the coming years, Iran has the potential to emerge as a major player in the global construction market." 

Source: constructionweekonline.com

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