The Middle East continues to capitalize on its current construction boom, enjoying an unprecedented growth fueled by oil prices, strong economic performance, and high liquidity.
This is most apparent in Saudi Arabia, where the construction sector contributes an annual $12 billion to the economy, and is expected to exceed $15 billion this year. The Philippines, with its decades"long association in the Gulf region and the ubiquitousness of Filipino workers and firms, remains well poised to capitalize on the numerous opportunities presented by these economic developments.
Of the estimated eight million over0 workers, or OFWs, about are based in the Middle East. An International Monetary Fund (lMF) report stated that an increasing number of OFWs are taking highly skilled jobs, given the strong demand for professional and technical workers in the host countries.
This is one of the reasons why cash remittances by OFWs are growing every year. For 2006, the total cash remitted is expected to amount to $13 billion, higher than the original forecast of $11.87 billion.
Among the domestic firms capitalizing on the construction boom in the Middle East is Engineering Equipment Inc. Corporation (EEl). Part of the Yuchengco Group of Companies (YGC), EEl has entered into a joint venture with a Saudi company, AI Rashid Construction.
EEl is the nation's leading construction company and the only one certified under the ISO 9001 quality system. It has been involved in infrastructure, high-rise and property development, and industrial construction in both the domestic and Middle East markets.
The company is engaged in providing the industrial and commercial sector with a wide range of industrial plant facilities and equipment, replacement parts and supplies, and specialized engineering services.
The company, through its other subsidiaries and affiliates, also deals with activities in manpower services, cargo transport, ship repair, steel fabrication, power generation and the development of real estate projects.