3,398 Civil building projects worth US$1.35 trillion
The Big 5 PMV, the Middle East’s leading exhibition dedicated to plant, construction vehicles, machinery and equipment, opened in Dubai today as new research showed that 3,398 civil building projects worth US$1.35 trillion are currently active in the Gulf region.
The figures, released by the event organisers, Streamline Marketing Group, paint a more positive picture of the regional construction industry which has been battling to shrug off the effects of the global economic crisis.
The UAE leads the way, with 1,853 civil building projects worth a total of US$661,443 billion currently under way across four sectors – commercial and retail, education and healthcare, leisure and entertainment, and residential.
The research carried out on behalf of Streamline Marketing Group by Dubai-based Proleads, which monitors regional construction projects across all industry sectors, showed Saudi Arabia has 847 active projects valued at US$417,859 billion.
Kuwait currently has 160 active projects worth US$142,759 billion, Qatar 186 projects valued at US$48,215 billion, Bahrain 232 projects worth US$40,258 billion, and Oman 116 projects valued at US$38,512 billion.
Overall, the latest market analysis shows that a fraction under 75 per cent of all announced projects in the region are still progressing, representing a much more optimistic outlook at the start of an important week for the regional construction industry.
“While there is no getting away from the fact that a large number of major projects in the region are now on hold, or have been cancelled, as a result of the global downturn, the latest market research underlines the fact that there is still a massive amount of construction going on in the region,” said Emil Rademeyer, director, Proleads.
An impressive international assembly of contractors, developers and suppliers have gathered at Dubai International Convention and Exhibition Centre for the four-day Big 5 PMV which is helping to create another milestone for the city’s world-class exhibition facility.
The event is taking place as part of the Big 5, the region’s most influential construction and contracting exhibition, organised by dmg world media, with the venue’s impressive new state-of-the-art Sheikh Saeed Halls allowing both to be staged under the same roof for the first time.
Making their international show debut, the three new exhibition halls and adjacent Arena have been built to a superior technical specification, with ceiling heights of up to 14 metres and increased weight loading capabilities able to accommodate the huge construction machinery on display at the Big 5 PMV.
Among the biggest attractions at the event are JCB’s world-famous Dancing Diggers, the mechanical dancing troupe making their Dubai exhibition debut after thrilling crowds at events world wide with intricate routines set to music.
They even impressed Britain’s Queen Elizabeth with a special royal command performance, and are making several daily appearances during the Big 5 PMV at The Plaza, at the immediate entrance to the exhibition halls.
Creating a platform for plant, machinery, construction vehicles and equipment suppliers to meet face to face with key buyers from across the region and overseas, the Big 5 PMV has attracted 149 exhibitors from 20 countries including Italy, China, India and South Korea which each have national pavilions highlighting the strength of their presence.
The event is an example of how the UAE’s exhibitions business is working with the country’s retail and hospitality industry to recover from the effects of the global financial downturn.
Thousands of exhibitors and buyers pour into the country on a weekly basis throughout the year to attend trade shows, and event organisers like Streamline Marketing Group are partnering with local retailers to capitalise on the spending power they bring with them.
Select retailers at The Dubai Mall are offering attractive discounts to Big 5 PMV exhibitor and visitor badge holders this week, and Jumeirah Emirates Towers is offering a 30 per cent discount on food at their restaurants. Shuttle buses carry exhibitors and visitors to The Dubai Mall, and are also available for transportation between the Financial Centre and Al Jafiliya Duabi Metro stations and the exhibition venue.
- The GCC is building one heck of a construction market with its $1.3 trillion value forecasted to grow
- Arabian World Construction Summit 2010 to Highlight Bright Future for Region’s Project Sector despite Global Downturn
- UAE civil projects worth $698 billion ongoing
- construction boom tops $2.4 trillion in gulf projects