Cautious government spending and buyer sentiments have resulted in tighter liquidity and cash flow, said Azzam Messaykeh, CEO of Dubai-based Faisal Jassim Group.
Messaykeh was talking in relation to the challenges facing the MEP sector for the year ahead.
Messaykeh said: "Economic uncertainty in the region, has undoubtedly distressed the construction sector, and has shaped a general slowdown in the financing of major MEP projects.
"Increasing energy prices and global environmental issues are putting pressure on the MEP sector, which has to work towards energy-efficient and cost-effective projects in line with the sustainable goals. This will be a major challenge."
He added: “The challenges would be to keep updating with the latest technologies, to maintain a balance between budget and the best MEP design practices, and last but not the least is to bring a change in project approach for an efficient and sustainable future.”
Faisal Jassim Group is also optimistic about the growing focus on energy-efficient solutions and sustainability for MEP services.
Talking about his company's objective, he said: “Our aim is to bring products and solutions with the right lifecycle cost balance.
"Our approach helps in addressing the challenge of producing and environmental friendly product with optimal energy efficiency while at the same time making it commercially viable throughout its life cycle," he added.