The third annual Abu Dhabi Real Estate and Investment Show (IREIS) opens today (Wednesday March 21, 2007) in Abu Dhabi, showcasing regional real estate opportunities at the brand new Abu Dhabi National Exhibition Centre (ADNEC) from March 21 – 24, 2007. Industry experts predict that the recent liberalisation of Abu Dhabi’s property ownership laws will encourage a huge turnout of both national and expatriate home owners and investors to the four day event.
Under the patronage of His Excellency Sheikh Sultan Bin Khalifa Al Nahyan and organised by DOME Exhibitions, IREIS represents the annual networking platform for Abu Dhabi’s real estate industry and will feature displays from a consortium of local and international real estate agencies, property and project developers, construction companies, banks and financial institutions, insurance companies and property management companies, among others.
Commenting on the exhibition, Simon Horgan, CEO, ADNEC said, “We are expecting a tremendous exhibition as the amount of interest generated before this event was huge. The exhibition is perfectly timed as the emirate’s real estate sector has exploded since the foreign ownership laws were changed”
In February 2007, GCC nationals and foreigners were granted new property rights in Abu Dhabi, with the amendments to the property laws allowing non-UAE nationals the right to own property in investment areas. As a result, Abu Dhabi residential retail sales are predicted to reach AED 9.18 billion in 2007, while statistics indicate that the mortgage market will be worth more than AED 2.9 billion by the end of the year.
The Abu Dhabi Property Leaders Summit is also being staged at ADNEC concurrent to the event. The Summit will address the ongoing plans, deliverables and requirements of the major developers in Abu Dhabi on March 22, 2007.
“ADNEC is all about bringing quality events to Abu Dhabi and IREIS is a good example of exactly what that means in practise. The highest quality of exhibitors in a superb new venue is the perfect recipe for a successful show.” Horgan added.
The exhibition is the fifth event to be staged at Phase One of the recently completed Exhibition Centre since its opening in February for IDEX. The multi-purpose venue boasts 28,000 square metres of exhibition floor space over seven interconnected halls, two luxurious conference rooms, 16 meeting rooms and a 2,000sqm food court. When fully complete in 2008, ADNEC will contain 55,000sqm of exhibition floor space making it one of the largest exhibition venues in the Middle East.
About ِADNEC:
Abu Dhabi National Exhibitions Company (ADNEC) is a first class MICE (Meetings, Incentives, Conferences and Exhibitions) venue in the Middle East. ADNEC is following an expansion strategy with the aim of catalyzing the MICE industry in the UAE capital, and is developing a brand new 148,000 square metre business and leisure district termed the Capital Centre. Situated close to the Airport, the AED 8 billion Centre will house the state-of-the-art Abu Dhabi National Exhibition Centre, an iconic 35-storeyed Feature Tower, a micro-city consisting residential, commercial and hotel accommodation, a marina and waterfront leisure zone and an existing grandstand. The exhibition centre project is being undertaken in three phases, and is expected to complete by 2009.
