How are advanced technologies such as AI and Machine Learning disrupting the construction sector? Do you think technology has the power to transform the industry?
Actually, they are not disrupting the construction sector. These kind of new technologies will help us move toward a better future because the construction sector relies heavily on human resources and needs proper training for different professional skills. But right now, many countries such as China are facing the problem of aging population and lack of workforce. So, AI and Machine Learning can enable us to reduce the demand of workforce as well as improve the quality of work and provide more accurate products. I believe that technology has the power to transform the construction sector.
The current geopolitical shifts and the supply-chain disruptions caused by the COVID-19 pandemic have pushed up the energy and material (E&C) costs. What measures can organizations take to handle these situations?
Global problems require global solutions. We are a community of common future; we have to work together to overcome these global problems. Geopolitical shifts have damaged the supply chain more deeply than the pandemic. After the pandemic is over, the supply chain can be rebuilded easily. But if the geopolitical issues are not stopped, the supply chain problem will drastically increase.
In your opinion, how open is Kuwait to embracing sustainable construction techniques? Do you think green buildings will become a norm some day?
The construction market in Kuwait is huge. There is a lot of demand for buildings, houses and infrastructure work. However, the techniques of engineering and construction are still, in a way, conventional and defy thinking. Kuwait has a shortage of resources both in terms of workforce and materials. Without embracing the new systems and techniques, it is really difficult to realize sustainable development in the sector.
We need:
- the government to lead and push the development of construction technology;
- the sector participants to look ahead and invest in new techniques; and
- encouragement of foreign technologies and investment.
Yes, green and smart buildings, among some of the other new systems, will become normal in the near future.
Our report highlights that investors are cautious about financing projects that do not follow the ESG regulatory guidelines. How does the change in mindset impact the sector? Does it increase project delays or allow the players to innovate and change?
I think we need to have more promotion and publicity in this regard. The people need to change their mindset and follow the ESG regulatory guidelines. This is a new thing, and it needs a very hard push in the beginning. Yes, it also increases project delays a little, especially toward the start.
