By Elsa Baxter
Sector expected to see growth by the end of the year in line with regional predictions.
The UAE’s construction industry is showing signs of an upturn towards the end of this year, in-line with regional growth predictions.
According to dmg, the organisers of the Big 5 trade show, the Middle East is the “perfect gateway for the Indian sub-continent and Asia” – where construction is thriving.
“Despite the economic downturn, the Middle East construction industry will keep growing at an annual rate of 3.5 percent in the next five years, ranking behind Asia and significantly ahead of Europe or Northern America,” the firm said in a statement on Monday.
Unlike Cityscape, which is a much more sedate affair this year, the Big 5, held in Dubai from November 23-26, has increased its floor size by 15 percent from last year and organisers say it is almost booked out.
“The Big 5 exhibition is somewhat of a barometer for the construction industry and we are extremely positive that business is starting to stabilise,” said Paula Al Chami, show director.
“We seem to be bucking the trend of some other trade shows, which has been reflected in the increased floor space, and the right level of industry people signing up,” she said
In the UAE, 7,231 projects are currently still under construction and more than 1,000 in the pipeline, dmg said.