DAMAC Properties to showcase iconic projects at Cityscape Dubai 2008
370 sq metre stand to exhibit company’s projects
Luxury lifestyle provider, DAMAC Properties, will showcase a vast array of its iconic developments at Cityscape Dubai 2008. Cityscape Dubai 2008 is the largest business-to-business real estate investment and development event in the world and will be held at the Dubai International Exhibition Centre from October 6th to the 9th. DAMAC Properties will have special daily promotional offers during the course of the show. Details on these offers will be shared at the show.
DAMAC has property developments in Dubai and Abu Dhabi in addition to projects spread across the region in countries such as Egypt, Jordan, Saudi Arabia, Lebanon and Qatar. These will be featured at DAMAC’s stand No. RN/10 within the Sheikh Rashid Hall.
“This is an established event on the calendar of every international property developer and we are delighted to be here again at Cityscape to showcase our projects. We will display luxurious, elegantly designed, high quality properties spread across the Middle East and the Mediterranean region. As of today we have sold our properties to customers from over 110 countries across the globe and we are looking forward to growing further our global family through this show,” said Mr. Peter Riddoch, CEO of DAMAC Properties.
Expressing the company’s confidence in the UAE market despite the global slowdown Mr. Riddoch stated, “It is worth pointing out that the UAE real estate market is standing firm, when the markets elsewhere are witnessing the impact of global slowdown. This market is rapidly developing, when compared to markets in places such as the US and the UK, with the UAE Central Bank revealing that mortgage lending in the UAE jumped 55 percent in the first quarter of this year as compared to same period in 2007.
“Another factor worth mentioning when talking about home ownership in the UAE is the continued demand for rentals in the residential sector. According to Colliers International, the population in Dubai had a compounded annual growth rate (CAGR) of 8% between 2003 and 2007, and with current population estimates at 1.6 million inhabitants, Government statistics estimate that the population will increase to 2.2 million inhabitants by 2010, representing a CAGR of 10.8%.
All this will lead to additional people requiring residential units, in turn leading to further growth in the real estate industry. We believe that exhibitions such as Cityscape also serve as the right medium to clarify and reinforce the right market perceptions,” added Mr. Riddoch.
“Our impressive project portfolio includes some of the most innovative and luxurious developments in the Middle East. This show is a great platform and a springboard for people in UAE to make their way into some of our state-of-the-art properties,” added Mr. Riddoch.
Furthermore, with regard to the company’s plans on delivering its projects, Mr. Riddoch added, “2008 has been the ‘Year of Construction’ at DAMAC Properties, during which our businesses have aggressively focused on construction and contract delivery to trusted and quality contractors. In line with this, the company is making good progress at its major developments in Dubai and has recently handed over 571 units at Lake Terrace in Jumeirah Lake Towers, with the promise of delivery of 192 units at the Executive Heights project at TECOM, 198 units in its Tera Del Sol developments in Discovery Gardens, 536 units at LakeView in Jumeirah Lake Towers and 847 units at The Crescent, located at IMPZ, all before the end of 2008. In addition, approximately 7,100 units are planned for handover in 2009/10 across the GCC region.”
Cityscape Dubai 2008, in its 7th year, is the largest business-to-business real estate investment and development event in the world. Cityscape Dubai 2007 welcomed 51,855 professionals from 136 countries with 849 exhibitors showcasing their projects and services on 74,240 sqm of exhibition space.
