With the mantra of “Cash is King” more pertinent than ever before in the region’s building sector, construction budgets and cost control remain of critical importance to all stakeholders across the supply chain. Construction budgets are particularly vulnerable to:
- inaccurate project estimates
- changes to the design and the scope of projects
- inadequate change orders and cost management
- and poor sight productivity and management.
Addressing the audience during the Construction Week: Leaders in Construction Summit UAE 2019, held at the Le Meridien Dubai Hotel & Conference Centre on 17 September, a panel moderated by Reed Smith’s managing partner, Sachin Kerur and comprising of panelists such as Head of Community Management at Meraas, Walid Soliman; CEO of Mag Lifestyle Development, Talal Moafaq Al Gaddah; CEO of Beaver Gulf, Rajesh Kumar Krishna; and Head of Customer Success at Construction Computer Software (CCS), Fady Kobersy agreed that ‘cost control’ had been misunderstood as a concept, and proper awareness could alleviate key industry issues.