How is the construction industry in Dubai now

CONSTRUCTION INDUSTRY (BUILDING CONSTRUCTION) UNITED ARAB EMIRATES

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1 CONSTRUCTION INDUSTRY (BUILDING CONSTRUCTION) UNITED ARAB EMIRATES

2 United Arab Emirates - construction industry (building construction / building construction) Sector compact: United Arab Emirates - building industry (building construction / building construction) (August 2013) Dubai (gtai) - In the United Arab Emirates, the recovery of the construction industry will continue in 2013, also in the coming one Further growth is expected for the next year. However, growth like in the boom phase before 2009 is no longer expected for the time being. The official data show a real expansion of the construction sector of less than 2% for 2009, followed by two years of contraction. Despite the improvement that started in the course of 2012, overall stagnation remained. Market development / demand In the emirate of Dubai, which was particularly hard hit by the housing construction crisis, the sharp collapse in property prices is again showing an upward trend. This applies at least to attractive locations. New projects are initiated and some projects that have been stopped in the meantime are continued, but often in a heavily modified form. The data from various real estate service providers have shown strong increases in value for Dubai's residential properties since 2012, but are only reliable to a limited extent. In the most expensive region, Downtown Dubai, the price per square meter rose by 38% to US $ according to Asco, in Palm Jumeirah it was 23% to US $ and in Dubai Marina 30% to US $. Asteco is also seeing a strong upward trend in single-family homes. In the Arabian Ranches popular with German expats, one square meter now costs US $ (+ 19%), on Palm Jumeirah US $ (+ 25%). Development of the construction industry in the UAE (in million US $; change in%) 1) Change 2012/2011 order intake, 4 total, of which building construction, 3 residential construction, 1 residential / commercial projects, 8 (mixed-use) non-residential construction, 7 (excluding Industrial construction) office buildings,, 6 trade fair projects etc. culture (mosques, theaters etc.) education / training, 4 healthcare, 9 hotel and restaurant trade, 2 leisure industry, 0 government building, 7 retail trade, 8 industrial construction, 9 Germany Trade & Invest 1

3 United Arab Emirates - construction industry (building construction / building construction) Development of the construction industry in the UAE (in million US $; change in%) 1) (cont.) Chemical / petrochemical industry change 2012 / oil industry, 7 gas industry, 2 mining, metal -, cement and glass industries 2), 4 1) Values ​​refer to the total costs of the projects, including any costs for plants, equipment etc .; 2) including other industrial buildings The central bank of the UAE has signaled that it would like to counteract any renewed overheating of the housing construction market. A long-discussed regulation of minimum equity capital ratios for mortgages will come into force shortly, but the market was driven by cash investors before the crisis and is now again being driven. Meanwhile, there are again fears that a new real estate bubble could develop. Jones Lang LaSalle (JLL) states the housing stock in Dubai for the end of 2012 in the recorded districts with units (apartments and single-family houses); units were added over the course of the year. This is a slowdown compared to. For 2013 and 2014, JLL sees a maximum of additional residential units in total; due to expected construction delays, a slightly lower number is believed to be more likely. MEED Projects has planned residential and residential / commercial projects worth US $ 21 billion for Dubai. As part of the US $ 55 billion mega project Mohammed Bin Rashid City, the District One residential construction project is planned for US $ 3 billion, where luxury villas are to be built in a garden landscape. A model estate is currently being built. In Abu Dhabi, too, the residential construction market seems to have bottomed out, but the pace of growth is currently even weaker than in Dubai. In addition, the recovery is essentially limited to attractive residential areas. In less popular regions, there is no further decline in purchase prices and rents, but persistent stagnation at the low level that has already been reached. The revival in demand in individual segments of the Abu Dhabi housing market led to an increase in the average price per square meter to US $ in the second quarter of 2013, which corresponds to an increase of 13% compared to the low reached in 2012. The average price had fallen by over 40% between 2009 and 2012. According to MEED Projects, the value of currently suspended residential and combined residential / commercial projects in Abu Dhabi is US $ 73 billion. How these projects will continue is completely unclear. Nevertheless, new billion-dollar projects are also being planned in Abu Dhabi. The largest pure residential construction project is planned by the state-owned Musanada, about 30 km south of Abu Dhabi City, in Shamkha South, single-family houses are to be built for US $ 2.5 billion; the tendering process is to be initiated in 2013. 2 Industry compact

4 In Dubai, the office property market continues to be characterized by high vacancy rates. However, the demand in the area of ​​prime locations is currently increasing, as a trend towards office upgrades can be observed among local companies. According to JLL, almost a third of the office space in the Central Business District (CBD) is vacant. Despite the growing demand for office space in the CBD, vacancies are not falling due to the completion of new office towers. Despite the considerable oversupply, new office space is constantly coming onto the market. According to JLL, the stock of office space in Dubai increased between 2009 and 2012 in the sub-markets covered from 3.9 million to 6.9 million square meters (all qualities). For 2013 an increase of 0.9 million to 7.8 million square meters is expected, by 2015 it could be 8.6 million square meters. The stock of office space in the greater Abu Dhabi area increased to around 2.9 million square meters in 2012 (2011: 2.5 million square meters); an increase of 36% to 3.9 million square meters is expected in the period from 2013 to 2015. This strong growth will shift the market situation even further in favor of the tenants. Given the drop in rents, many companies are interested in moving to better office locations. The office projects that will be completed or have already been completed in 2013 include the Landmark Tower, the ABIB HQ, the Nation Towers, the Capital Tower, the Al Bustan Office Complex and the ADNOC HQ. According to MEED Projects, only eleven projects with a total value of US $ 2.7 billion are on hold, including the Oil & Gas City, which is calculated at US $ 1 billion and for which 10 ten-story office buildings and a conference and exhibition center are planned . There are few new office projects. An expansion of the Etihad Airways headquarters for US $ 200 million is in the tendering phase. The National Bank of Abu Dhabi plans to spend US $ 100 million on its new global head office. The retail trade in Dubai is recording strong growth in sales, and the construction of further large shopping malls is to begin in the medium term. In the period from 2013 to 2015, however, only small and medium-sized projects will be completed that will expand the mall area by 0.4 million to 3.2 million square meters (GLA: Gross Leasable Area). Two projects with a total of sqm are to be completed in 2013 (The Avenue I, Al Ghurair Center II). The largest mall project in the construction phase is the US $ 163 million expansion of Dragon Mart by around square meters. Other projects with completion dates in 2014 or 2015 include The Beach (Jumeirah Beach Residences), the Dubai Pearl Shopping Mall and the expansion of the Ibn Battuta Mall. The Dubai Mall, which belongs to Emaar Properties, is the second largest shopping center in the MENA region, after the Persian Gulf Mall in Shiraz (Iran). With the planned expansion of sqm for US $ 100 million, the Dubai Mall will again advance to the top regional position. The Mall of the World is being discussed as the largest project for US $ 2.7 billion. The project is to be developed as part of the planned Mohammed Bin Rashid City. The square meter Phoenix Mall (US $ 544 million) is planned for Dubai's International City. Other major projects include The Pointe (US $ 217 million) and the Nakheel Mall (US $ 272 million), both on the man-made Palm Jumeirah Island, as well as the expansion of the Mall of the Emirates (US $ 250 million) and the Design District (US $ 300M) near Business Bay. The investment volume of all mall projects in the planning stage amounts to US $ 4.6 billion. Germany Trade & Invest 3

5 United Arab Emirates - construction industry (building construction / building construction) The structure of the retail sector in Abu Dhabi differs from that of Dubai in particular in the high proportion of retail space outside of shopping centers. According to JLL, Abu Dhabi had around 1.8 million square meters of retail space at the end of 2012, but malls only made up 52% ​​of this. Regional and supraregional malls accounted for 0.7 million square meters, and 0.1 million square meters each for community malls and neighborhood / convenience malls. By the end of 2013, 0.35 million square meters of mall space is to be added in Abu Dhabi and the proportion of malls in total retail space is to increase to 56%. The largest shopping center under construction is the US $ 150 million Yas Mall in the Yas Island urban development area. It will be Abu Dhabi's largest shopping center and is due to open in spring 2014. A total of around 0.6 million square meters of mall space should be completed in 2014 and 2015, then Abu Dhabi would have a retail space of 2.6 million square meters. Important projects in the planning stage are a square meter mall on Saadiyat Island (US $ 200 million), an expansion of the Marina Mall and the construction of a traditional Arab bazaar. The ongoing political crises in the region have made Dubai even more important as a tourist destination. The government planners are aiming to double the number of foreign visitors to 20 million by 2020. For 2013 there is a double-digit increase compared to the previous year. According to Dubai's Department of Tourism and Commerce Marketing (DTCM), the number of tourists increased by 11% to 5.6 million in the first half of 2013 compared to the same period of the previous year, and the average length of stay rose to 3.9 days. The number of hotels and hotel apartments increased by 16 to 603 and the number of rooms increased by The average room occupancy in the hotels reached 84.6% (1st half of 2012: 81.8%), in the hotel apartments 85.8% ( 79.3%). According to JLL forecast, hotel capacity in Dubai will increase to rooms in 2013. One more rooms are expected for 2014 and 2015 in total. MEED Projects puts the number of hotels currently under construction in Dubai at 19 (value: US $ 4.1 billion). Only 6 projects for a total of US $ 2.9 billion are in the planning stage, including an underwater hotel (Water Discus Hotel) calculated at US $ 1.5 billion with uncertain chances of realization. The future of the 20 or so hotel projects that are currently classified as temporarily halted is also unclear. The hotel construction activity should receive another strong impetus if Dubai's application for the 2020 world exhibition is successful (decision expected in November 2013). In Abu Dhabi, the hotel sector is significantly smaller and less dynamic than Dubai. According to JLL information, the occupancy rate fell to 62% in 2012 due to an increasing number of rooms (2011: 68%). For 2013 an expansion of the room offer to over is to be expected. By the end of 2015, Abu Dhabi is expected to have around hotel rooms, fewer than planned in the past. The data of the official statistics (Abu Dhabi Tourism and Cultural Authority) deviate from the JLL data, among other things because the authority also records the regions of Al Ain and Al Gharbia belonging to the emirate. According to this, there were a total of 81 hotels with rooms and an additional 49 hotel apartments with rooms in the emirate of Abu Dhabi in 2012. The hotels accommodated 1.98 million guests for an average of 2.6 days, the hotel apartments 0.41 million guests for 4.7 days. The occupancy of the hotels is given as 61.6%, that of the hotel apartments with 76.9%. 4 Industry compact

6 The state sector invests billions in expanding the health system. In addition to supplying the growing population and the spread of health insurance, health tourism is expected to generate strong demand impulses. However, there are different assessments of the expected growth rates among observers. In view of the large number of ongoing hospital projects, there is a certain reluctance to plan new projects. The national statistical office shows no growth trend for the UAE in the period 2007 to 2011 in the state hospital sector. For 2011, 34 (2007: 34) public hospitals with (7,607) beds are reported. However, the private sector has grown. The number of private hospitals rose in 2011 to 58 (2007: 51) with (2,076) beds. In Dubai only one state hospital was added between 2009 and 2011, the number of private hospitals remained unchanged, according to statistics from the Dubai Health Authority (DHA). According to DHA, there were a total of 26 hospitals in 2011, 6 of which were state-run and 20 were private. The total number of beds increased by 12% between 2009 and 2011 and the state-run Al Zahra Hospital (108 beds) was added. For the first time, the DHA is attempting to comprehensively determine supply and demand in Dubai. A corresponding survey was carried out in autumn 2012; the evaluation of the data is not yet available. In Abu Dhabi, there was no growth in the state hospital sector between 2009 and 2011. The number of state hospitals (excluding the military) remained unchanged, the number of beds decreased slightly from to. In the private sector, the number of hospitals fell from 25 to 21, but the number of beds rose from 969 to. The Arzanah Medical Complex was completed at the beginning of 2013, with 68 beds in the inpatient area and costing US $ 163 million. In July 2013, the Al Ain New Oasis Hospital was added (270 beds; US $ 50 million). According to MEED Projects, a total of 18 projects with an investment volume of 4.2 billion US $ are currently being planned in the health sector. 21 projects with a contract value of US $ 3.9 billion are in the implementation phase, most of which are to be completed by 2015. If all projects are finished according to plan, beds will be added within the next two years. The construction progress of what is currently the largest hospital project, the Cleveland Clinic Abu Dhabi (CCAD), is said to have been over 90% in mid-2013, so that completion appears possible in 2013. The US $ 1.3 billion hospital project, initially designed for 364 beds, will be operated in Abu Dhabi on Al Sowwah Island (across from Abu Dhabi Mall) by Abu Dhabi's state-owned investment company Mubadala and the renowned US hospital company Cleveland Clinic. The hospital primarily wants to treat health tourists. In Abu Dhabi, oil and gas contributed around 60% to the gross domestic product in 2012, and investments are correspondingly high here too. MEED Projects has ongoing projects worth US $ 61 billion, of which oil accounts for US $ 41 billion, gas accounts for US $ 13 billion and petrochemicals US $ 7 billion. The Abu Dhabi National Oil Company (Adnoc) speaks of medium-term planned investments of over US $ 70 billion. In 2014, the Abu Dhabi Company for Onshore Oil Operations (Adco) will reassign the production licenses. The new licensees are to be obliged to use Förde- Germany Trade & Invest 5

7 United Arab Emirates - construction industry (structural engineering / building construction) to increase to 1.8 million bpd by 2017. Abu Dhabi Gas Industries (Gasco )’s $ 11 billion Integrated Gas Development Project is expected to be completed in 2013. The ongoing expansion of the refinery in Ruwais operated by the Abu Dhabi Oil Refining Company (Takreer) has doubled its capacity by 0.4 million to over 0.8 million bpd. The 3rd expansion of Abu Dhabi Polymers Company Limited (Borouge), which has been producing in Ruwais since 2001, is the most important petrochemical project in the UAE; the completion of the US $ 7 billion project is planned for 2014. The development of the downstream industry is considered a key element of the UAE diversification strategy. The Abu Dhabi National Chemicals Company (Chemaweyaat) is planning a total of twelve petrochemical downstream plants for US $ 20 billion in the new Khalifa Port and Industrial Zone. Experts forecast an increase in ethylene capacity to 5 million t / year for the UAE by 2016 (2011: 2 million t), for PE a tripling of 2011 to 3.5 million t is expected and for appraisal an increase of 170% to 2.1 million t. In addition to the petrochemicals, the metal sector is one of the industries in whose further development the UAE is investing billions. Abu Dhabi's state-owned Emirates Iron and Steel Factory (EISF) started its first rolling mill in 2001. As part of the establishment of an integrated steel production facility, the EISF was merged into the newly founded Emirates Steel Industries (ESI) in 2006. The private, medium-sized manufacturing (light) industry is also growing in Dubai. According to preliminary figures, the entire manufacturing sector in Dubai is expected to have achieved a real plus of 13% in 2012 and contributed over 15% to GDP. Most of the companies are located in the designated industrial and free zones. Important commercial areas include the Dubai Industrial City, the Jebel Ali Industrial City, the Jebel Ali Free Zones (north and south), Al Qouz, Ras Al Khor and the Dubai Investment Park. According to estimates, Dubai currently has around 330 million square meters of industrial space, 20% of which is built on. The development of education is a high priority in the UAE. New kindergartens, schools and universities are constantly being built, and existing facilities are being expanded.However, since a high level of supply has now been achieved, the investment volume is likely to grow only slowly, possibly even to stagnate or decrease temporarily. Private institutions dominate the education sector. The free state educational offer is not used by all locals. According to the Ministry of Education, there were around Emirati students in the 473 private schools (including kindergartens) in the 2010/11 school year. This was 18% of the total student population in private institutions (students). The total of 718 state schools enrolled students, 80% of whom were Emiratis and 16% other Arabs. According to official statistics, the number of students in the UAE increased by 19% from around to between 2007/08 and 2010/11. In the state sector there was an increase of only 2% compared to 29% in the private sector. The private sector also plays a central role in tertiary education. Abu Dhabi has 29 higher education institutions, 26 of which are private. There are 9 universities (private: 6; state: 3), 13 colleges (all private) and 7 institutes (all private). 6 Industry compact

8 In the education sector, MEED Projects has a total of 16 projects in the implementation phase, valued at US $ 1.7 billion. The largest project is the construction of a university campus on Saadiyat Island by Abu Dhabi's state-owned Mubadala Development Company. New York University (NYU) will be responsible for teaching; completion is scheduled for 2014. The Abu Dhabi Education Council (Adec) currently has six schools under construction for a total of US $ 228 million as part of the Future Schools Program. The international education service provider GEMS Education currently operates eight schools in the UAE and has another under construction. The crisis year 2009 marked a sharp turning point for the construction of other public buildings. Many projects were lived on hold. In the meantime, however, the thaw has started, especially in Abu Dhabi. The currently most spectacular project is the Louvre Abu Dhabi Museum in the Cultural District on Saadiyat Island. The island, located six kilometers south of Abu Dhabi city, is being developed by the Tourism Development and Investment Company (TDIC), and hectares are to be used for hotels, businesses, luxury villas and leisure and cultural facilities. Three cultural projects are under construction for US $ 0.75 billion, of which the Louvre Museum accounts for 0.65 billion. The project was temporarily stopped in 2011 after the German specialist civil engineering company Bauer had already built running meters of MIP concrete foundation walls and 170 running meters of overlapping pile wall. At the beginning of 2013, a consortium made up of Arabtec, San Jose and Oger received the construction contract, and the project should be completed in 2015. The largest project in the planning phase in the cultural sector is the Cultural District for US $ 1 billion near the Burj Khalifa. A joint venture between the TDIC and the Guggenheim Foundation plans to build the Guggenheim Abu Dhabi Museum on Saadiyat Island for US $ 400 million. The project was temporarily stopped. The Sheikh Zayed National Museum in honor of the first President of the UAE, who died in 2004, is also planned for US $ 200 million on Saadiyat Island. Important government buildings in the construction phase include a courthouse in Abu Dhabi (US $ 150 million), a prison in Sharjah (US $ 109 million) and a family court in Dubai (US $ 40 million). The largest projects in planning are a US $ 400 million Federal National Council building on Abu Dhabi's Corniche and a correctional facility in Abu Dhabi (US $ 272 million). So far, the conditions in the UAE are still lacking to help energy-efficient construction achieve a decisive breakthrough. Showcase projects such as the eco-city of Masdar in Abu Dhabi, which is planned to be CO2-neutral, should not hide the fact that short-term profitability considerations continue to prevail in the real estate market and that additional investments to save energy and maintenance costs are generally only accepted to a very limited extent by the builders. The heavily subsidized energy prices do not provide any incentives to invest more in building insulation, for example. There is also no threat of a drastic increase in electricity or gas prices in the medium term. Not only could high energy costs lead to political protests, it would also lead to severe disruptions in the UAE's business model, which is largely based on cheap energy. With cost-covering energy prices, the price structure would falter in most industries. Germany Trade & Invest 7

9 United Arab Emirates - construction industry (building construction / building construction) Changes in the regulatory environment will be decisive for the prospects for energy-efficient construction. In Abu Dhabi, the Pearl Building Rating System (Estidama, Arabic for sustainability) was adopted in May 2010. It is to be expected that building owners will increasingly be confronted with corresponding building regulations. In Dubai, too, guidelines for green building have been developed (Green Building Regulations and Specifications), which are already taken into account in public projects and could possibly also apply to private projects from 2014 onwards. However, an evaluation of the guidelines is planned before they become generally binding. The state guidelines issued in the individual emirates are only suitable to a limited extent as a benchmark for sustainable building. For this reason, reference is often made to international regulations, in particular to the LEED (Leadership in Energy and Environmental Design) standards of the US Green Building Council (USGBC). The local Emirates Green Building Council (GBC) was established in 2006. According to the USGBC, there are now 80 LEED-certified properties in the UAE. The first LEED certificate (Platinum) was awarded in July 2006 for the building of the US company Pacific Controls in Dubai. Almost all LEED buildings certified to date in the UAE are used commercially, with the exception of the Prime Residency II (Gold 2011) residential construction projects in Dubai's International City and the G + P + 6 Residential Buildings (Gold 2012). The majority of the residential and commercial properties are likely to have been built in the last 15 years, especially around 80% of the high-rise buildings and skyscrapers (from 100m) have been built in the last six years. Nevertheless, the ongoing need for repair and maintenance is great. The main causes are often poor construction work and poor quality building materials. Since the quality of the repair work is also poor, many buildings are in a continuous battle against decay. Building construction (excluding industrial construction): Selected major projects in the United Arab Emirates in the early stages (in million US $) 1) Project Investment amount Project status Operator Nebras Al Ain Aviation City 2) Mohammad Bin Rashid City: District One 3) Mohammad Bin Rashid City: Mall of The World Design ADAC / Mubadala Aerospace Design Meydan Sobha Study Dubai Holding / Emaar Shamkha South: Villas 3) Design Musanada North Wathba 2) Design Abu Dhabi Urban Planning Council Al-Furjan Development: Villas 3) Design Nakheel Corporation Khalifa City (A) Expansion 2) Study Abu Dhabi Municipality Water Discus Hotel Study Drydocks World 8 Industry compact

10 Building construction (excluding industrial construction): Selected major projects in the United Arab Emirates in the early stages (in US $ million) 1) (cont.) Downtown Dubai project: The Address Residence Fountain Views 2) Redevelopment of World Trade Center (Phase I) 2 ) Investment amount Project status Operator Design Emaar Design Dubai World Trade Center 1) Projects in the early stages are often only implemented in heavily modified form, in some cases completely canceled; 2) combined residential and commercial projects (mixed-use); 3) Housing Sources: MEED Projects (August 2013), press releases, research by Germany Trade & Invest Production / Industry structure The list of local, regional and international consulting, engineering and construction companies operating in the UAE is long: Arabtec Construction, Dutco Balfour Beatty Group , Habtoor Leighton Group, Drake & Scull International, Al Futtaim Carillion, Arabian Construction Company, Murray & Roberts, Al Rotamani Group, Bin Lahej Contracting, Al Majid Conttracting etc. As German construction companies / service providers, Hochtief, Bilfinger, Bauer ( Civil engineering) and Strabag / Ed Züblin / DYWIDAG. Hochtief is represented by the Habtoor Leighton Group (HLG), a joint venture between the local Al Habtoor Group and the Australian company Leighton, in which Hochtief is the majority shareholder. Until 2008, the UAE was a paradise for providers of construction services and materials due to the project volume that could hardly be managed. The contract terms could be dictated to the clients. Many projects were completed with a guaranteed profit margin: the client had to pay the actual costs actually incurred plus an agreed percentage surcharge. The turning point came at the end of 2008 / beginning of 2009. Project planning was discontinued on a massive scale, contracts that had already been signed could not be implemented, ongoing construction work came to a standstill. Most of the interrupted projects have not been officially abandoned, but are still on hold. According to MEED Projects, over 400 projects worth US $ 374 billion, the implementation of which should begin in 2009 or later, have been completely abandoned. In contrast, over 600 projects valued at US $ 380 billion have on hold status. These include over 200 projects for which contracts for a total of US $ 65 billion have already been signed. Business practice In the UAE, construction projects are essentially carried out in accordance with internationally accepted procedures. In many cases, the project control and monitoring is entrusted to renowned international architecture and engineering offices. Germany Trade & Invest 9

11 United Arab Emirates - Construction Industry (Building Construction / Building Construction) As a rule, construction companies are first given the opportunity to submit expressions of interest. Some (or all) of the interested companies will then be asked to submit an offer. The process up to the final award of the orders can be very tedious and lengthy. Many projects get stuck or are temporarily suspended. Multiple new tenders are also not uncommon. Payment behavior had also deteriorated significantly since 2009. Even state institutions from the wealthy Emirate of Abu Dhabi were among the defaulting builders. The emirate kept announcing that all payment obligations would be met. Quite a few construction companies got into considerable difficulties as a result of the lack of or delayed payments. Although the situation has improved significantly in the meantime, payment processing is still not always unproblematic. Contact addresses Designation Internet address Comments German-Emirati Chamber of Industry and Commerce Contact point for German companies Ministry of Public Works Ministry (also responsible for housing construction) Ministry of Education Ministry Ministry of Health Ministry Ministry of Energy Ministry Ministry of Environment Ministry & Water MEED Middle East Business Intelligence journal Gulf Construction Trade journal The Big 5 Dubai Exhibition Index Exhibition Dubai Infrastructure Arabia Exhibition Abu Dhabi MEED Projects Project database (fee required) 10 Industry compact

12 Contact Imprint Publisher: Germany Trade and Invest Gesellschaft für Außenwirtschaft und Standortmarketing mbh Villemombler Strasse Bonn Tel .: +49 (0) 228 / Fax: +49 (0) 228 / Internet: Company headquarters: Friedrichstrasse 60, Berlin Management: Dr . Benno Bunse, First Managing Director Dr. Jürgen Friedrich, Managing Director Author: Robert Espey, Dubai Editor: Axel Dörr Tel .: +49 (0) 228 / Contact: Ulrich Binkert Tel .: +49 (0) 228 / Editorial deadline: August 2013 Order no .: All rights reserved . Reprint - even in part - only with prior express permission. Despite the greatest possible care, no liability for the content. Layout: Germany Trade & Invest Funded by the Federal Ministry of Economics and Technology and by the Federal Government Commissioner for the New Federal States based on a resolution of the German Bundestag.

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