Singapore’s successful participation at Cityscape Dubai attracted strong interest from key UAE figures, with a major highlight being Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, who visited the Singapore Pavilion as an honored guest.
He was given an overview of some of Singapore’s most impressive real estate projects, including the future downtown district Marina Bay. The project, which has already attracted nearly SGD$15 billion (US$10 billion) from international investors and developers, includes the Marina Bay Sands integrated resort and the Marina Bay Financial Centre.
Investors from the GCC invested approximately US$13billion into foreign real estate markets in 2006, with local companies such as Istithmar, who successfully tendered for a SGD$1.689 billion (US$1.126 billion) commercial project on Singapore’s Beach Road as part of a joint venture, recognizing the lucrative potential of the city-state’s real estate sector.
The Singaporean delegation also conducted a number of high level meetings with investors from the UAE, many of whom are currently looking to invest outside the region in markets such as Singapore which boasts a strong economy, stable socio political environment, and pro-business climate.
Singapore’s Consul-General to the United Arab Emirates, Mr. Dileep Nair highlighted that the positive investment interest between the two nations demonstrates the burgeoning trade and political relationship between the two nations.
“Our success at Cityscape is a testament to our increasing economic interaction and government relations, which has grown leaps and bounds, and has helped us to foster great interest from this market,” said Nair.
“These growing links are complemented by Singapore’s unique geo-political positioning as a convenient gateway for Middle East investors to enter the South East Asian property market,” he added.
The Singapore Pavilion, led by the nation’s land use planning authority, the Urban Redevelopment Authority, was at Cityscape to promote Singapore as an attractive city to invest, live, work and play in.
The pavilion comprised a consortium of public and private companies who are playing a key role in the changing landscape of Singapore, including the Singapore Tourism Board, the Urban Redevelopment Authority, the Building and Construction Authority, Marina Bay Financial Centre, Lend Lease Retail, Ong & Ong Architects, and Singapore Institute of Architects.
© 2007 Al Bawaba (www.albawaba.com)
