Dubai, Nov 26, 2013: The Big 5, the largest construction trade exhibition in the Middle East, opened in Dubai on Monday, November 25, at the Dubai World Trade Centre, in the backdrop of growth in the regional building and construction sectors in 2013 being kicked off by new construction contracts and the resumption of previously shelved projects.

 

The sentiment on the run-up to the Big 5 has been very optimistic, as can be seen from the rising number of construction contracts awarded in the UAE and in the region at large. As far as the UAE is concerned, $15.5 billion worth of projects were awarded in the first half of 2013 -- a 66 percent jump vis-à-vis those awarded in the second half of 2012. At the GCC level, $67 billion of contracts were awarded in the first half of 2013, representing a 53 per cent rise over those awarded in the second half of 2012.

 

The Dubai Economic Outlook, Quarter 2 report for 2013, issued by the Secretariat General of the Dubai Economic Council (DEC), confirms that the momentum gained by Dubai's economy during Q1 of 2013 is mainly driven by the growth of four sectors, namely, real estate, wholesale and retail, transportation and manufacturing.

 

Dubai Land Department (DLD) data, released at the end of July reveals that in 2013 H1, UAE nationals at Dhs12 billion in realty investments topped the overall list of property investors in the emirate, as compared to the same amount they spent during the whole of 2012. Among prominent Indian investors in Dubai's realty sector is Mr. Raj Sahni (Abu Sabah), Founder and Chairperson of RSG International. Fifteen years of success and expertise in the real estate industry; and over AED 5 billion worth of astute property brokerage deals, gave Raj the credibility and confidence to venture into property development. The company's recent development project-Qasr Sabah is located in the International Media Production Zone, Dubai.

 

Buoyant about the future of Dubai's realty sector, Raj, says, "Dubai's real estate market is a lucrative one and promises high return on investment. The factors that contribute to the growth are stability, varied income groups and different nationalities who continue to inspire confidence and contribute to sustained momentum of the market's growth. Moreover, events as Big 5 also help to strengthen the ever-growing construction and real estate sector. The event witnesses participation from premier quarters of the regional sector paving way for industry leaders to meet and network leading to qualified results."

 

"Additionally, Dubai's successful Expo bid will spur investments in real estate and other sectors like tourism and transport infrastructure, healthcare and food, etc. the sector's strong fundamentals will determine the level of investments and the resultant growth," he stresses.

 

Raj ascribes the stability to the checks and balances introduced into the system. He says it's good that the Dubai Land Department is keeping a tight grip on transactions and preventing deals from going through without proper registration.