Capital Gains In Real Estate Rush
First day attendance records smashed at Abu Dhabi’s premier real estate investment & development showcase
Attendance records for the first day of Cityscape Abu Dhabi – the premier real estate development and investment event of the capital of the United Arab Emirates – have been smashed with an estimated 120 per cent increase upon last year’s event.
The exhibition was opened today at the Abu Dhabi National Exhibition Centre by HH Sheikh Mohammed bin Zayed Al Nayhan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The burgeoning property market in the Gulf shows no signs of slowing down. Roads to the centre were initially clogged from early morning and massive queues surprised even the organisers IIR Middle East.
The show was sold out some months ago, with over 300 confirmed exhibitors covering more than 30,000 square metres of exhibition space.
Mark Goodchild, Project Manager, Cityscape Abu Dhabi said: “We have been overwhelmed by the response on the first day of the exhibition. We’ve actually had to deploy extra staff, such was the demand and we didn’t want people waiting around. To anyone who was, I offer our apologies for the inconvenience.”
Goodchild estimates the event, which runs for three days until 15 May 2008, based upon the first morning’s attendance, could easily reach in excess of 30,000 visitors, double the numbers recorded last year.
“A lot of people have been talking about the global credit crunch and the impact on property markets, but judging by today there is still a massive interest in the Gulf and Middle East,” added Goodchild. “Liquidity is alive and well, certainly here in the Capital and so are the investment opportunities.”
To underscore the importance of the event as a showcase for the capital’s intricate planning, sustainable projects and investment transparency, His Highness General Sheikh Mohammed bin Zayed Al Nahyan Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces has agreed to be patron of Cityscape Abu Dhabi for a second successive year.
In terms of ‘home-grown’ support, the Abu Dhabi government and locally-based real estate heavyweights have shown full support for the industry showcase. Major local developers such as Mubadala, Sorouh Real Estate, ALDAR Properties and Al Qudra Real Estate will all have a significant presence.
Two parallel conferences will run alongside on sustainable development and real estate finance and investment. The green theme continues at the Cityscape Abu Dhabi awards dinner at the Emirates Palace in Abu Dhabi on 13 May which will recognise excellence in real estate investment and development, including Islamic finance and sustainability awards.
Platinum sponsors of Cityscape Abu Dhabi include Mubadala, Aldar, Sorouh, Al Qudra, The Land Holding Company and Escan. Gold sponsors include Dubai World Central, Tameer and Saudi Oger, with Future Brand and East & West Properties taking silver status. The Department of Municipal Affairs of Abu Dhabi is associate sponsor, Urban Planning Council of Abu Dhabi is Strategic Planning Partner while HSBC is investment sponsor.
Photo caption: HH Sheikh Mohammed bin Zayed Al Nayhan on the inaugural tour of Cityscape Abu Dhabi 2008.
