The Middle East is an exciting region for anyone looking to tap into a growing market.
Saudi Arabia is investing US$500B in infrastructure, and Dubai is transforming into a financial hub and tourist destination. In fact, many other cities in the broader region are being built from the ground up. Traditional oil and gas industries still require massive funding, too.
So how can the E&C industry benefit from this surging Middle Eastern boom?
Last week we discussed how Aconex formed the Global Industry Council (GIC) to motivate industry laggards to boost their game. This week we’ll highlight how your organization can start to digitally transform.
The global engineering and construction (E&C) industry is overflowing with revenue potential. In fact, E&C is charted to become a $17.5 trillion business by the year 2030.
Digital transformation is disrupting industries and global economies everywhere. E&C in particular is ripe for change, generating nearly $10 trillion in revenue, or about 6% of global GDP.
We’ve all heard how the Engineering and Construction (E&C) industry is one of the least digitalized; rated second-to-last after agriculture and hunting. However, is it true that all organizations within the E&C industry are lagging, or are some companies daring to innovate and digitalize?
Many of the world’s largest E&C influencers whom we work closely with are redefining the face of construction and global innovation by embracing technology. Their leadership will help establish a bold precedent of digital transformation for the rest of the industry to follow.
Imagine trying to explain modern E&C technology, materials, and resources available in the industry today to a construction worker from a century ago.
Their jaw might drop at today’s technical solutions: “You mean, you can store project information in the sky??”
Today’s technological advancements have empowered us to maximize our productivity compared to how we managed projects one hundred years ago. A megaproject (valued at US $1B or below) may have seemed daunting in the past, but we’re quickly adapting to a new normal. The giga project (valued at US $1B or more) encompasses even greater complexity, capital expenditures, and risk.
Enprode, a global engineering, construction and procurement (EPC) company specializing in combined-cycle power and gas plants, recently leveraged Aconex Connected BIM to advance an open cycle (soon to be combined-cycle) gas turbine power plant (Garri 3 and Port Sudan Project) in Sudan. Headquartered in Turkey, Enprode conducts business with major energy centers across the globe, spanning from South America to the Middle East.