ASTAD and Turkish firm Yüksel Proje sign MoU to promote bilateral cooperation on building and infrastructure projects in Qatar and Turkey. Doha – ASTAD signed...
FEATURES & ANALYSIS
As infrastructure and real estate investments surge in the Gulf, the facilities management (FM) industry is growing with them. Although end users typically see the cost of FM as a necessary evil, awareness of its contribution to lasting property value and a healthy living environment is rising and the industry’s contract values are expected to rise to USD 66 bn by 2020.
According to National Association of Corrosion Contractors (NACE), the annual cost of corrosion worldwide is USD 1.8 trillion, over 3% of the world’s GDP. And this is only the direct cost of corrosion, essentially materials, equipment and services involved with repair, maintenance and replacement, not counting the trillions hidden in environmental damage, waste of resources, loss of production or personal injury resulting from corrosion. Corrosion analysts have concluded that 20 to 25% of that annual cost can be saved by applying corrosion control technologies at a saving of USD 325 to 360 billion. Consequently, fighting corrosion is a real and very large market that has been a focus of manufacturers since steel galvanizing was popularized almost 200 years ago.
As Qatar's capital, Doha, is becoming increasingly congested due to trememdous population and traffic growth, authorities see the creation of commercial streets as the solution to the urban sprawl. Several projects are now underway or in the offing to tackle the problem.