Abu Dhabi’s real estate projects to hit US$500bn
Abu Dhabi, the richest city in the world, has seen its gross domestic product (GDP) soar from US$40.6 billion in 2002 to US$108.9 billion in 2007 (more than 8 per cent per annum). The booming real estate and tourism sectors are playing a significant part in this success story as the total value of announced projects in the capital inches towards the US$ 500 billion mark (AED 1.83 trillion). It is at this crucial time that MEED, the business intelligence expert in the Middle East, and the Abu Dhabi Department of Planning & Economy have announced details of its Abu Dhabi 2008 conference.
Contributing to the $500 billion portfolio are large-scale real estate projects such as Al Raha Beach (AED 58 billion), Al Reem Island (AED 35 billion), Das Islands (AED 43 billion) and the AED 100 billion Saadiyat Island development. Abu Dhabi’s economic growth as a whole can also be credited to the government’s determination to diversify the economy away from its reliance on oil and gas: non-oil and gas GDP has risen by 87 per cent to US$43.3 billion over the past five years.
The pace and scale of economic growth in Abu Dhabi presents huge challenges for all those working to promote long-term sustainable development in the capital. MEED’s Abu Dhabi 2008 conference will be an invaluable event for everyone wishing to make the most of this opportunity. The conference is supported by the Abu Dhabi Department of Planning & Economy and supported by the Abu Dhabi Chamber of Commerce and Industry. Sorouh Real Estate PJSC, Abu Dhabi Commercial Bank, Al Qudra and Burooj Properties are Platinum sponsors, and HSBC and Pacific Controls are Gold sponsors. The Abu Dhabi Conference 2008 will be held at the Emirates Palace in Abu Dhabi from 8 to 11 November.
This is the third conference of its kind and presents a unique opportunity to listen to and network with business leaders working within urban planning, real estate, tourism and culture, banking and finance, the environment, transport, infrastructure, petrochemicals, utilities, sports and leisure, education and healthcare industries.
Edmund O’Sullivan, Chairman, MEED Events comments:
“2008 is a crucial point in the story of this great city and this event is essential for all those involved in, and with a stake in, its future success. This forum is an invaluable opportunity for those at the cutting edge of Abu Dhabi’s future to discuss its development.
“Away from the formality of the conference rooms, networking is another key benefit of the event. Unlike many others this conference allows for exceptional contacts to be made – including CEOs, VPs, CFOs and Chairmen from the key growth industries and Government departments. We are now in our third year with this event and it is undoubtedly one of the most important conferences in our calendar.”
Mounir D. Haidar, CEO of Sorouh Real Estate PJSC, who is speaking at this year’s event added:
“MEED’s Abu Dhabi Conference 2008 is for a key event for Sorouh. Almost every stakeholder involved in the development of Abu Dhabi will be present, which is true of no other event of this size. As the pace of Abu Dhabi’s growth accelerates, it is important that there are forums such as these for the continued sharing of experience and best practice. We are all working towards one goal – the successful growth and development of Abu Dhabi.”
- Is growth in Abu Dhabi’s real estate market sustainable?
- Projects worth US$ 400 billion on show at Cityscape Abu Dhabi
- Huge investments expected in Abu Dhabi real estate and tourism
- IREIS 2007 to focus on Abu Dhabi’s expanding real estate potential
- Sorouh real estate launches AED4 billion Shari’a compliant securitisation