The Department for International Trade teams up with UK construction giants to bid for global contracts worth billions

Shruti Tripathi Chopra
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The Opening Of The World's Tallest Building The Burj Dubai
Global annual construction investment is expected to grow by 85 per cent to $15.5 trillion (£14 trillion) by 2030 (Source: Getty)

The next Burj Khalifa, space station or nuclear reactor may well be made by British firms.

Why? Because nearly 20 UK construction giants are teaming up with the Department for International Trade to identify and bid for billions worth of new contracts for global infrastructure projects.

Called Infrastructure Exports: UK (IE:UK), the new initiative's members include Carillion, Mace Group, Lagan Construction and 17 other companies representing around 200,000 employees from across the UK.

Launched today, IE:UK will meet three times a year to choose which projects they wish to pursue. The body will then select the UK businesses with the right expertise to group together and create winning bids. The first meeting will be held next week.

The new body will be co-chaired by international trade Minister, Greg Hands, and James Wates, chairman of Wates Group.

Hands said IE:UK will help British firms take advantage of the fast-growing global infrastructure investment sector, which is expected to increase by 85 per cent to $15.5 trillion (£14 trillion) by 2030.

Read more: How Brexit, the General Election and foreign demand affect London property

"Our ‘Team UK’ approach will bring together leading UK infrastructure companies to showcase their expertise on a global scale and work together to successfully bid for the biggest contracts." Hands added.

James Wates, chairman of Wates Group said: “This is a timely, fresh and strategic approach. The UK has a wealth of expertise in developing major infrastructure projects. This is a great opportunity for business to work together, alongside the government, to target overseas projects, as many countries around the world plan to develop their physical infrastructure to support their own economic growth.”

Read more: Output in the UK's construction industry was lower than expected in June

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