More than two years after the financial crisis set off a real-estate slump that caused values to fall by more than 60%, Dubai is still reeling from the effect. According to a recent HSBC report, almost half of all the construction projects in the UAE – worth around Dhs1.1 trillion – have been either put on hold or cancelled in response to falling demand and deteriorating market conditions.
For Kele Contracting, however, fulfilling its promise to deliver projects on time is a matter of principle.
Says Kele CEO Andrew Elias: “Establishing trust and a good business reputation has always been important, but since the financial crisis it is more important than ever. And the best way to establish trust is to keep your word.”
“Despite the challenges faced by the industry, we have given our word to our clients. As such, we are dedicated to completing and delivering the projects that we have already committed to. After all, success is measured by proven ability.”
While a matter of concern for many developers in the current climate is the fact that there is already an over-supply of commercial and residential properties – according to a recent Landmark Advisory report as many as 48,000 homes will be completed in the next two years, increasing current supply by 12% while around 1.1 million square meters of commercial space is likely to be completed in Dubai this year – the firm is determined to succeed.
Says Elias: “Oversupply in both the commercial and residential sectors remains a reality. However, Dubai continues to offer attractive mid to long-term investment opportunities with well-laid infrastructure, an investor-friendly business environment and well-structured real estate laws.
“We believe that we are well placed to meet any challenges within the industry and are confident that we have the capabilities to play an important strategic role in the continued growth, development and prosperity of the UAE and the region.”
In addition to delivering these key projects, the company – with the aim of growing and diversifying its interests in surrounding emerging markets – will focus on entering into infrastructure projects while further pursuing its regional expansion strategy this year.
Says Elias: “Our aim is to be recognised across the region as the most progressive construction management and contracting company, and having had a successful 2010, we are well on our way to accomplishing this.”
Another key element of Kele’s strategy is to actively participate in and maintain its involvement in various corporate social responsibility (CSR) projects. In line with this it has planned a CSR strategy for 2011 that involves local and regional participation and that takes into account its workers’ welfare.
Says Elias: “Corporate Social Responsibility is a crucial aspect of our business. We believe it is our obligation to enhance the communities in which we work and live via charitable and sustainable means, and we are determined to contribute to projects that build value, improve quality of life, and support economic growth through long-term partnerships and service excellence.”
Kele Contracting specialises in construction management and contracting as well as value engineering, interior fit-out, and design and build projects. The firm’s strength lies in its people, whose extensive local and international experience bring together the best practices of various continents.
Having successfully completed numerous large-scale residential, commercial high-rise and infrastructure projects, the company has emerged as a significant force in the Middle Eastern construction industry. It counts various well-known regional and international industry players among its clients.
Sunday, March 13- 2011 @ 9:56 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.