Investment in the Middle East’s booming real estate market is predicted to remain buoyant during 2005 as major new projects near completion, and new developments are planned, leading experts said Tuesday.
Key regional and international leaders in the real estate industry will debate the dynamic growth of this sector during the 2nd Middle East Real Estate conference to be held in Dubai on February 1 and 2.
The real estate and property market in the Middle East is worth an estimated US$150 billion, making it one of the most progressive sectors in the world. While the United Arab Emirates is leading the majority of this expansion, other countries such as Bahrain, Kuwait, Qatar and Saudi Arabia are emerging with exciting development opportunities.
“The Middle East real estate market in 2004 was characterized by iconic building projects that will draw international attention to the region,” said Saeed al-Muntafiq, director general, Dubai Development and Investment Authority.
“Over the next 12 months investment in real estate ventures will continue to remain strong, as more financial capital is ploughed into developing tourism, commerce and government infrastructure in countries across the region.”
The current state of the property market in Dubai will be highlighted by al-Muntafiq, who will deliver the keynote address at the real estate conference taking place at the Shangri-La Hotel.
The burgeoning real estate sectors of Bahrain, Jordan, Lebanon, and Qatar will be addressed during the conference, and Sheikh Khalid H. al-Gahtani, chairman of the National Real Estate Committee of Saudi Arabia, will deliver a speech on the role government can play in facilitating real estate development.
“Regional and national governments have a significant role to play in facilitating and promoting real estate development in the Middle East,” said al-Gahtani. “Harmonising and clarifying ownership issues, and standardizing rules and regulations for construction, design and investment will enable swifter and more cohesive growth in this sector.”
A series of panel discussions focusing on topics such as the regional mortgage market, financing, and opportunities in retail and commercial real estate will also be held. Adel al-Shirawi, chief executive office, Tamweel; Steven Pinto, senior vice president and head of retail banking group, Mashreqbank; and Linda Mahoney, president, Better Homes, will also speak at the conference.
“The Middle East’s real estate sector is undoubtedly one of the most dynamic in the world,” said Edmund O’Sullivan, editorial director, MEED and chairman of the conference. “There are a host of sometimes complex issues which confront developers, investors, buyers and governments in this industry, and these will be debated during this conference.”
