The Big 5, the Middle East’s leading trade fair for the construction industry, kicked off on Sunday (23) . The worsening of the international financial crisis has not affected the size and number of participants at the fair, said to ANBA the vice president at Dmg World Media, the company that organizes the event, Simon Mellor. “The crisis became worse near the fair’s starting date, so we noticed no effects,” said the executive. A total of 53,000 square metres will be occupied at the Dubai World Trade Center (DWTC) and a nearby area, where vehicles and large-sized machinery will be on display. Proof that local market demand remains high is the fact that every space available for the installation of stands is being used.
Besides the exhibition pavilion itself, exhibitors are taking over halls and passageways at the exhibition centre. According to Mellor, 3,000 companies from 53 different countries are present. Around 50,000 professional visitors are expected.
Still concerning the crisis, he stated that the effects are going to have an impact on the market, but not in a disastrous manner. “We are not naive to the point of saying that we are not vulnerable, projects that have not started yet might be postponed,” he claimed. “However, the construction industry under development here is a huge one,” he said.
The executive stated that investment in enterprises underway in the Gulf region, which should be delivered within seven to 10 years, total US$ 4.5 trillion, which in ltself suffices to keep the sector hot. He underscored the fact that the Middle Eastern banking system is “fuelled” by investors from the region itself, which in a way keeps the credit market less vulnerable to oscillations taking place in Europe and the United States.
Mellor also said that the presence of sovereign funds in the region is important for the real estate development area, as they provide a strong backbone to financing. The director at Dmg said that there are still lots of space for the sector to grow in the region. Despite the huge number of buildings either ready or under construction, many available areas can still be spotted.
In Dubai alone, the government’s development plan, with a 20-year deadline, is still far from over. According to Mellor, from 10% to 15% of the goals set have been reached. “It is a healthy market that counts on good funding,” he claimed. He pointed out some new features of this edition, such as the creation of the GAIA Award for initiatives and products focusing on environmental sustainability.
The winning companies, which were awarded on Saturday, will be allowed to boast, at the fair and in their promotional material, for the next 12 months, a stamp attesting their quality in the field of innovation turned to “green” products. The list of winners was disclosed beforehand to the local press, so that companies may be located by the visitors.
Highlighting this differential is a way for the organisation to encourage the development of eco-friendly products and techniques, in keeping with guidelines set by the ruler of Dubai, Mohammed Al Maktoum, who wants to make the emirate into a “green” locality.
Source: ANBA
