MATRADE Eases Malaysian Construction Sector’s Entry in Middle East
In order to promote Malaysian companies involved in the construction and building materials sector at the Big 5 show in Dubai, the Malaysia External Trade Development Corporation (MATRADE) has started attracting potential buyers from the United Arab Emirates who are working on the projects for World Expo 2020.
Besides highlighting the high quality in Malaysia products, the Big 5 Show will attract strategic partners from multiple construction projects in the Middle East, said the director of construction and business services section, Rusiah Mohamed.
As posited by sources, MATRADE is focusing on gaining the attention of mega project owners in Dubai including Dubai Metro Red Line Extension, Container Terminal 4 of the Jebel Ali Port Expansion project, the Dubai Harbor Creek project, the Royal Atlantis Resort and Residence situated in the Palm Jumeirah.
Speaking on the event, Rusiah Mohamed said, “We know that there are key decision-makers involved in these projects who will be at the event.” As per the Deputy Chief Executive Officer, Mohd Mustafa Abdul Aziz, the product categories at the Big 5 Show include electrical and electronics (E&E), optical and scientific products, machinery and equipment along with chemical and chemical products.
Mustafa believes that the US-China trade war has created many opportunities for ASEAN countries like Malaysia and has largely benefited the Middle East. As he stated in a speech at the 2ndChina- Malaysia “Belt and Road” Shaanxi Trade Expo, the “Malaysia companies should be more proactive in navigating trade tension challenges to expand their business wisely.”
As Shaanxi is the most populated and developed province in the region, the Malaysian companies must make way via it to enter north-western China. He highlighted the areas where collaboration will benefit including aerospace parts and components, E&E, commodities such as palm oil, rubber and timber along with some consumer products.
On the other hand, the World Expo 2020 will not necessarily improve the real estate market of Dubai as the residential property prices have surged since 2014. As stated by the Credit Analyst of S&P Global Ratings, Sapna Jagtiani, “We believe Expo 2020, just on the back of potential visitor flows to the emirate, will ease temporary pressures on hotels and retailers. However, it is unlikely to materially improve long-term conditions in the real estate sector.”
With its 19th participation in the Big 5 Show, MATRADE will be the largest and most influential building exhibition in the Middle East. Over the past few years, MATRADE has made generous efforts to match Malaysian companies and customers at Big 5 Show. Earlier in this week, reports came that MATRADE is aiming to get a five percent sales surge at the Malaysia International Halal Showcase (MIHAS) 2020 from RM1.6 billion in 2019. If MATRADE continues to grab business opportunities like this one in the near future, it will surely make export trading easier for Malaysian companies.
OPEC Meeting Sets Curbs at 500,000 Barrels as Oil Prices Rose
Two days of OPEC meeting in Vienna, led the Opec alliance (including Russia) agree for a curb of 500,000 barrels per day on Dec 6. After aggressively shaking the oil market, Saudi Arabia has pledged additional voluntary cuts of a further 400,000 b/d. Despite warnings…
Saudi Aramco Glides its Way to Success with World’s Largest IPO
Last updated on December 7th, 2019 The Initial Public Offering set to take place next week will posit Saudi Aramco as the only firm making the world’s largest IPO. In making its market debut, the state-owned firm will raise $25.6bn (£19.4bn) and emerge as the…