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Corp Executive Hotel Apartments-Al Barsha Hosts General Assembly Meeting For Owning Company Asgc

Date Posted: 04-07-2010

Top management and over 250 members of senior staff gathered at the new Corp Hotel to review progress over the past year for ASGC and review the agenda for the revival of business during 2010 and beyond

President of Al Shafar General Contracting (ASGC), Mr Emad Azmy set out the successes and challenges faced by the company over the coming year during its general assembly meeting held at the Corp Executive Hotel Apartments – Al Barsha in Dubai recently.

While reviewing the state of the construction industry and project work carried out by ASGC, where the company had invited and priced more than 100 tenders in the UAE alone, Mr Azmy warned of the challenges that had to be addressed in the short term.

He said ASGC was a stable organisation with a strong focus on business development, but stressed that cash flow remained a key issue and regional markets continued to experience difficulties: “There is little stimulus to real estate development in Dubai while the Abu Dhabi market remains slow, although work is available there,” he said.

“Egypt continues to exhibit potential given the lack of competition, but every market remains price-sensitive.”

Based on market research, Mr Azmy said while primary markets for ASGC would continue to be Abu Dhabi, Egypt and Saudi Arabia, opportunities would emerge in Dubai again as well as new areas such as Libya.

		“Luxury real estate development will remain depressed and where we see real opportunities is in the shift to government investment in social infrastructure,” he emphasised. Other areas of discussion were human resources and the revival of training and development programmes, as well as a renewed focus on health and safety issues.

For media contact:

Hina Bakht
Vice President
MPJ (Marketing Pro-Junction)
Mob: +971 50 6975146
h.bakht@mpj-pr.com
www.mpj-pr.com

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