• Home
• /
• Business

ASGC bags projects
worth Dh3 billion

DUBAI - Working at full capacity, a strong order book and good prospects are rare statements in the current economic climate for construction companies. But hold true for Al Shafar General Contracting (ASGC) that has won a string of lucrative projects in the last few months.

ASGC been appointed as the main contractor for several prestigious developments in Abu Dhabi, Dubai and Egypt. Included in its list of new contracts are Ambulatory Hospitals in Abu Dhabi, Marina Bay, Ocean Scape and Al Wifaq Tower on the Reem Island in Abu Dhabi, Seasons Community in Jumeirah Village in Dubai, The Onyx on Shaikh Zayed Road in Dubai, The One – Commercial Tower in TECOM Dubai, Wasl Square, Safa South Complex in Jumeirah, Dubai and Marassi in the North Coast in Egypt. These amount to a total value of approximately 
Dh3 billion.

Making the announcement on the occasion of The Big 5, Bishoy Azmy, CEO, ASGC, said, “After an all time low, activity in construction sector has improved and we are glad to have signed up these fabulous deals that range from residential towers to commercial centres and healthcare facilities.”

Population growth, urbanisation, industrialisation and infrastructure development all point to a bumper return over the next few years in Mena region – the Middle East and North Africa. Construction makes up almost a third of growth in gross domestic product (GDP). Echoing other senior figures in the industry, Azmy sees the biggest growth in infrastructure projects. “Around 70 per cent of the population of the Arab world is below 30 years old. It means authorities have no choice but to invest in creating jobs and building infrastructure, from transport and roads through to desalination plants.” The current ‘run rate’ of spending on infrastructure is around $2.5trillion in the region. The largest construction and infrastructure projects by value in the GCC show that five of the region’s 10 biggest schemes planned or under way are in Abu Dhabi. This has sparked a frenzy of activity among construction companies each vying for a share of the business. ASGC has been quick to capitalise on the opportunity and has recently established ‘ASGC Al Shafar Oilfield Contracting’ which is based in Abu Dhabi and will focus on providing building services in the on-shore and off-shore oil gas fields.

In addition to focusing on its home turf, ASGC is also looking to expand its operations in potential overseas markets and is on the hunt for new opportunities across the Mena region and Asia. The company is aggressively pushing ahead with its expansion strategy that envisages stretching its footprint from KSA to Qatar, Kuwait, Oman, Bahrain, Libya, Egypt, CIS and parts of Asia. Azmy said, “We have been diversifying across the region and are negotiating some big contracts at the moment. However, like most of the world, it’s not what it used to be in terms of growth. The market is fairly subdued but there is still significant worth of work going out to tenders over the next two years. We are hopeful some of these will materialise for ASGC.”

Brilliantly led by President Emad Azmy, ASGC is a broadly spread organisation well supported by its sister companies. Al Shafar group has over 16 companies under its umbrella providing an array of specialised contracting services and construction materials.

Driven by value and quality, the group has been a major player in the UAE building industry for the past two decades and has to its credit over 250 prime projects including landmarks such as Dubai Police General Headquarters, DAFZA Headquarter, UAE Ministry of Public Works and Housing, Dubai Internet City – Phase III, Dubai Studio City, Jumeirah Beach Residence, Al Attar Tower and Business Central Towers. The company’s projects range from skyscrapers to residential towers, government buildings, educational facilities, factories and 
healthcare projects.

business@khaleejtimes.com