Dubai: The Gulf region's construction sector is still growing, industry reports have shown, defying the odds just one year after the global financial downturn hit the region late last year.

Research findings from the World Construction Outlook by HIS Global Insight have shown that the Middle East construction sector would grow at an annual rate of 3.5 per cent over the next five years. This places it ahead of Europe and North America and third behind Asia.

Recent research carried out by independent consultants BNC shows that almost 70 per cent of the registered projects in the GCC are still under construction with 6 per cent out to tender and a further 10 per cent in the concept and design stages.

In the UAE, the research shows that 7,231 projects across commercial, residential, hospitality, medical and educational sectors are still under construction. Over 1,000 projects are in the pipeline for this year alone.

Construction expo
Meanwhile, the Big 5 Exhibition, the biggest construction and building materials event in the region, opens doors today at the Dubai International Exhibition and Conference Centre.

The organisers expect a 15 per cent increase this year.

Running till Thursday, the Big 5 Exhibition features more than 3,000 exhibitors from 52 countries.

The event has attracted architects, engineers, contractors and developers from the public and private sectors. In its 32nd year, the event continues to grow. Bernard Walsh, managing director for DMG world media, said: "The Big 5 has changed beyond all recognition since it was first launched 32 years ago and has become the most important exhibition for the construction industry in the Middle East, with a strong international presence.

"The construction industry is a driver of the region's economy and success, and history has shown that The Big 5 is where real business is done."

The exhibition is spread across 40,000 square metres.

With a leasing price of $504 (Dh1,851) per square metre and a 15 per cent estimated public area, the exhibition could fetch the organisers a cool Dh62.8 million in direct revenues.

Exhibitors this year include Emirates Steel Industries, RAK Ceramics and Exeed Industries of the UAE, Euroslot of France, Climatech and Dectron of Canada, Turkish-based Tekmar Marble, Tongby Control Technology of China, Germany's Putzmeister Mörtelmaschinen and the Lapesa Grupo of Zaragoza, Spain.

The show will also welcome several new entrants from Kuwait, Saudi Arabia, India and Egypt, to name just a few.

Paula Al Chami, event director for The Big 5, said, "I'm delighted that The Big 5 is bucking the global industry trend and has actually grown this year. After an uncertain 12 months, this is an excellent opportunity for the industry to put the speculation to rest and look to the future."

New products
Launches to be conducted include Urimat Deutschland AG's Urimat Ecovision, the world's first waterless urinal with an integrated 7-inch LCD screen, and Hume Cemboard Industries' new type of environmentally friendly, 100 per cent asbestos free cement.

Locally, Plastbau of the UAE will introduce a new lightweight cement which will reduce construction time by 40 per cent and costs by 30 per cent.

Prospects
70% GCC projects that are underway 
1,000 UAE projects in pipeline this year 
$504 price of square metre at expo