The recession experienced, and still being experienced, in 2009 hit most every sector and country with some affect.
Developing countries were no different with witnessing foreign investment loss, lower demand in country, prices were cut and rising unemployment, just to name a few.
Dubai was one of the worst hit cities in the world, bringing the business growth of a once booming economy to a screeching halt. The country’s economy was dependent on tourism, retail, finance, and real-estate. At the time, prices for real-estate were peaking and developments springing up all over the place.
The recession struck, and real-estate remained unsold with developments put on hold or abandoned.
Five years later and the tides are changing in Dubai. This can be seen at The Big 5 Construction show being held at the Dubai Trade Centre, which began today. According to the Gulf News publication, the Dubai Government has announced and resumed a series of multibillion dollar projects, continuing what was left on hold during the recession. Investor confidence is growing.
In fact, the Gross Domestic Product in Dubai is expected to grow by 4 per cent, driven primarily by the construction sector, as well as oil and gas, according to organizers of the construction show. This growth is likely across the UAE, with governments of six Gulf Cooperation Council nations investing more than $90-billion in construction projects by the end of the year.
This news is bringing new life to The Big 5 Construction show, which will be going on until November 20th, featuring exhibitors from 60 countries, including Kryton International Inc. exhibiting at the Middle East Conference. The show is anticipated to be the largest ever, with tens of thousands of industry professionals descending on a city posed to get back to its growing was.