Forbes Middle East's Building The Future Summit 2022

The real estate and construction sector in the Middle East was going through a transformation phase before the outbreak of the pandemic two years ago. However, the pandemic presented an opportunity for the sector to accelerate digitalization for healthier and safer buildings.

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Sustainability and digitalization are at the core of a major shift currently underway in the real estate and construction sector as the focus on renewable energy, net-zero economies, and infrastructure gains momentum.

Forbes Middle East held its second annual Building the Future Summit in January, bringing together industry leaders from across the region to discuss the opportunities and the way forward for the Middle East’s real estate sector.

The real estate and construction sector post-pandemic

The first panel, moderated by Ramia Farrage, Senior Producer and Presenter, Forbes Middle East, centered on the unprecedented impact of the pandemic on the real estate sector and the emerging need for sustainability. Speakers were: Mazen Issam Hawwa, Vice-Chairman and Group CEO at the United Real Estate Company; Kez Taylor, CEO of ALEC Engineering & Contracting; Tariq Chauhan, Group CEO of EFS Facilities Services; and Chris Wan, Head of Design Management for Masdar City.

Hawwa started by noting that real estate is a continuously learning industry. “There is no doubt that 2021 was one of the most challenging years for the real estate and construction sector,” he said while adding that the impact of the pandemic on the real estate sector in the region presented challenges that were multifaceted, from financial to operations as well as supply chain disruptions. Hawwa also explained how operational costs in the construction sector had increased by as much as 6% in 2021 alone, a situation that has prompted property developers and other industry players to find ways to address these challenges.