WSP鈥檚 chief executive has described the construction market in Dubai as a 鈥渃ar crash鈥�

Speaking after the group announced healthy results for the year ended 31 December 2008, Chris Cole said the market in the region had not recovered since it froze in November last year.

He said: 鈥淲e called the problem before anyone else in December. It can only get better in Dubai, but it won鈥檛 go back to its former glory.鈥�

Despite the gloomy scenario, Cole said the fact the emirate had raised $10bn (拢7bn) through a bond issue last month from the United Arab Emirates central bank in Abu Dhabi was a step in the right direction.

He said: 鈥淚t鈥檚 important for Dubai that Abu Dhabi steps in when the chips are down.鈥�

Turnover in 2008 at WSP rose 36%, from 拢556.5m to 拢755.2m. Excluding acquisitions, growth was 21% (拢100m). Pre-tax profit was up 37% from 拢37.9m to 拢52.1m.

The group produced a chart of which market sectors were doing well in different parts of the world and which were struggling (see graph below).

The contribution of the public sector to the company鈥檚 turnover rose from 45% to 51% in 2008. WSP ended the year with an order book of 拢1.1bn, up from 拢900m in 2007.

David Turner, its chairman, said: 鈥淭he group鈥檚 momentum, together with our overall order book and secure bank facilities provide a solid platform for the group鈥檚 trading outlook.鈥�

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