Samsung Electronics is set to unveil its highly-anticipated Galaxy S5 at “Samsung unPacked 5” event scheduled at the Mobile World Congress tonight in Barcelona, Spain.

The Galaxy S5 is widely rumoured to have a fingerprint scanner on the home button; a 5.24-inch, full high-definition display; a water and dust-proof case, possibly metallic, and a 16 megapixel camera.

The world's biggest smartphone maker is said to be bracing for its weakest mobile annual profit growth in seven years amid fierce competition from Apple Inc and Chinese vendors.

The launch at the annual industry gathering is set to reflect a new emphasis on costs, marking a departure from the glitzy marketing Samsung has deployed in the past.

Meanwhile, Samsung on Sunday launched a new smart watch, the Gear 2, after a first version won over few critics, adding new features and ditching Google`s Android in favour of its own operating system.

Besides an array of features, including sports tracking software and a heart rate monitor, the Gear 2 marks an important and widely rumoured step towards independence from Android.

The watch, available in two models - the Gear 2 and the Gear 2 Neo, which has no camera - will be powered by the Tizen operating system developed by Samsung with various partners to break free of the Android dominance.

Live update on the launch of the new Galaxy S5 can be followed at:

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