Middle East boasts $1.9tr in real estate projects
Some of the Middle East’s leading real estate developers showcased their current and proposed projects at the Cityscape Dubai 2006 property expo, with some $1.9 trillion in projects presently underway. Cityscape Dubai 2006 ended on December 6.
Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, President of the Executive Council of Dubai, said the aggressive overseas forays made by Dubai-based real estate firms reflected the robustness of the UAE property sector, according to Khaleej Times.
"The boom is mind-boggling and unprecedented in the Gulf. Nowhere else one can see so many magnificent projects taking shape simultaneously," one sources said.
Asked if the growing involvement of Dubai-based real estate companies in international projects in markets such as North America, Europe and Asia indicated a slowing down in the UAE real estate sector, Shaikh Hamdan said: "Absolutely not. The decision for local big name companies to launch projects around the world reflects the strength of these companies and indicates just how robust the UAE property sector is."
Speaking of the important exhibition, considered one of the most important worldwide, Shaikh Hamdan explained, "The exhibition not only helps the companies who participate in it, but also contributes to the development of the UAE, so it benefits both the businesses involved and the country as a whole."
Some of the projects unveiled in the run-up to Cityscape Dubai include the $11 billion Great Domodedovo in Moscow by Dubai World's global property developer Limitless LLC on Sunday. This was preceded by a $40 billion master-planned community on Yas Island, Abu Dhabi by Aldar Properties; the $19 billion Limitless Downtown Jebel Ali scheme; Emaar MGF's partnership with hotel chain Accor to build 100 Formula 1 budget hotels in India in a $300 million investment; Makaseb Holding and Ta'sees' $1 billion Quattro West development at Jumeirah Village; and Sama Dubai's spectacular $18 billion Dubai Towers project.