Cash flow is the "main challenge" that the Gulf's construction sector has had to contend with in 2017, a regional expert told ConstructionWeekOnline.
Craig Beeson, chief executive officer of Sanctum Consult, said it is "apparent that all actors across the value chain" are facing difficulties related to cash flow.
Beeson added that it is debatable whether these challenges "are driven by oil-price fluctuations, geopolitical disagreements, increased military spending, increased cautiousness from financing institutions, or a lack of proper and effective contract management".
"Sanctum Consult focusses on public-private partnership (PPP) projects," he continued. "The growth of such project execution models in the region is combating and resolving cash-flow constraints, as private-sector financing is alleviating the public-sector finance gap, and I see confidence returning to the market using this mechanism."
Beeson noted that the UAE is "at the forefront of sustainable and ecological development", as well as "the increasing embrace of new technologies and PPP contracting".
The country's construction sector, he added, "is successfully moving away from old, standard contracting models, and truly innovating for future long-term self-sufficiency".
Beeson continued: "In order to achieve this, the value of a project needs to be focussed on. Such a thought process moves away from the traditional maximisation of project savings and [tends towards] effective lifetime asset costing and productive efficiency of an asset for the benefit of future generations. This is an exciting trend in the UAE."
Sanctum Consult is the Platinum Sponsor of Construction Week: Leaders in Construction UAE Summit 2017, which will take place on 19 September at Jumeirah Emirates Towers in Dubai.
In addition to his role as CEO of Sanctum Consult, Beeson is also CEO of Milcris Sanctum International, and COO of United Science & Capital and Milcris Pvt Ltd.