Trump Praises Regional Real Estate Industry’s “Can Do” Attitude
Donald Trump Jr, Executive Vice President of Development & Acquisitions at the Trump Organization, has praised the UAE real estate sector’s “can do” attitude in a keynote address to delegates at the world’s largest international property investment and development event, Cityscape Dubai 2006.
Speaking at the Cityscape Dubai Conference, a high profile international forum for investors, lenders, owners, developers, architects and designers, which takes place alongside the Cityscape Dubai exhibition at Dubai International Exhibition Centre (DIEC) until 6th December, Trump warned that developing property markets should develop strategies to attract high net-worth investors if success is to be sustained.
Meeting the expectations of global investors is an issue many analysts regard as crucial to the long-term aspirations of the Middle East property market. According to industry experts, owners and developers must understand the mindset of prospective international investors and offer unique and attractive real estate developments in a secure investment climate.
“People say ‘If you can build in New York, you can build anywhere.’ It’s not true. The emerging world is different and to have a partner who understands it is critical,” said Trump, offering the global investor perspective as one of 75 acclaimed international speakers at the three-day Cityscape Conference.
The Trump Organization, which is building its first Middle East development, the Palm Trump International Hotel and Tower, on Nakheel’s Palm Jumeirah development, is clearly impressed with what’s happening in the Arabian Gulf.
Trump was quick to commend developers, governments and architects in the region for their visionary approach.
“If you can make it work, you can do it. This is a great way for the region to differentiate itself,” he told delegates. “It is an amazing thing to create something out of the norm.”
Trump praised the relaxed regulatory environment in the region, the “can do” attitude among governments, and the free reign given to architects.
“They are allowing the rules to evolve rather than being stuck with an archaic code set down 150 years ago,” he said. “It is a pleasure as a developer to work with architects who can see far out of the box. For me to be able to say ‘This is what I need to be successful’ and then simply to be able to do it is amazing.”
Real estate projects in the Arabian Gulf are limited only by “the imagination and the laws of physics,” Trump added.
Trump was also fulsome in his praise of Cityscape Dubai 2006, which is organised by IIR Middle East and covers a record-breaking 55,000 square metres at DIEC, with 500 exhibitors from 55 countries. In the three weeks leading up to the showcase event, a staggering Dhs588 billion (US$160 billion) worth of projects was announced.
“It has become the largest real estate event in the world in a fairly short time. I am seeing a lot more familiar faces from the New York real estate scene. The event has gained great credibility. You can hear about an event like this and it sounds great but only when you see it do you begin to realise the scale,” he said.
Rohan Marwaha, Cityscape Group Director for organisers IIR Middle East, said, “Donald Trump Jr’s presence at Cityscape Dubai 2006 shows just how prominent the event has become on the world stage. His comments from the Cityscape platform will be heard not only in the UAE and Middle East, but across the real estate world.”
Trump was joined at Cityscape by his sister Ivanka and brother Eric. The three have been charged by their real estate legend father Donald Trump with taking the American brand overseas. As well as the Middle East, they are currently eyeing India, the focus of a special session at the Cityscape Dubai Conference, and Russia. The Trump portfolio already includes prime real estate in the United States, including parts of New York City.
The Trump Organization’s Middle East partner, Nakheel, is a platinum sponsor for Cityscape 2006, along with Emaar Properties, Tanmiyat Group, Aldar Properties, City of Arabia and Dar Al Arkan. Gold sponsors include Al Tijaria, Tameer and Saraya Holdings. Silver sponsors are Real Capita, Sviluppolazio and Mawared.
For more information, please log on to http://www.cityscape.ae.