The largest B2B international real estate platform in the world, Cityscape Dubai 2006, was given a royal seal of approval by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, President of the Executive Council of Dubai, who inaugurated the event at Dubai International Exhibition Centre (DIEC).
The three-day exhibition, which runs until December 6th, broke all records even before the official opening, with a staggering Dhs588 billion (US$160 billion) worth of real estate projects announced in the three weeks prior to the event – a seven-fold increase on the Dhs76 billion announced before Cityscape 2005.
With 500 exhibitors from 55 countries showcasing projects over an exhibition area of 55,000 square metres, Cityscape Dubai 2006, is also the largest in the event’s five year history and is expected to attract record attendance of 35,000 participants from 90 countries, smashing last year’s record of 23,000.
Sheikh Hamdan welcomed the contribution made by Cityscape Dubai to the development of the real estate industry in the Emirates. “The exhibition not only helps the companies who participate in it, but also contributes to the development of the UAE, so it benefits both the businesses involved and the country as a whole,” he said.
When asked if the growing involvement of Dubai-based real estate companies in international projects in markets such as North America, Europe and Asia indicated a slowing down in the UAE real estate sector, Sheikh Hamdan said, “Absolutely not. The decision for local big name companies to launch projects around the world reflects the strength of these companies and indicates just how robust the UAE property sector is.”
Leading Sheikh Hamdan through the exhibition halls was Rohan Marwaha, Group Director, Cityscape. According to Marwaha, the multi-billion dirham flurry of launch activity in the run-up to Cityscape Dubai is testimony to the power of the event.
“Both the major players and other developers are astute enough to realise that the eyes of the real estate industry are on Cityscape Dubai, so what better time to unveil new projects than in the run-up to the event,” he said.
“It gives developers two bites of the apple. They get exposure when they unveil the project and then have the best opportunity in the industry to discuss it with a prime audience during Cityscape Dubai itself.”
The projects unveiled in the run-up to Cityscape Dubai include:
• A US$40 billion master-planned community on Yas Island, Abu Dhabi by Aldar Properties. The development will include a Ferrari World theme park;
• The $19 billion Limitless Downtown Jebel Ali scheme;
• Emaar MGF’s partnership with hotel chain Accor to build 100 Formula 1 budget hotels in India in a US$300 million investment;
• Makaseb Holding and Ta’sees’ US$1 billion Quattro West development at Jumeirah Village; and
• Sama Dubai’s spectacular US$18 billion Dubai Towers project.
Among the celebrity visitors to Cityscape Dubai 2006 was Donald Trump Jr, who gave a keynote address on the importance of attracting high net worth investors during the first day of a cutting edge, three-day real estate conference that’s taking place alongside the exhibition. Addressing current industry issues and hot topics, the Cityscape Dubai Conference has attracted 75 acclaimed international speakers, including Trump and his sister Ivanka.
Running concurrently with the conference once again will be the World Architecture Congress, a high profile gathering of international leaders in architecture and design.
As well as attracting a royal seal of approval and support from the likes of Donald Trump Jr, Cityscape Dubai 2006 is supported by heavyweights in the regional real estate industry: Emaar Properties, Nakheel, Tanmiyat Group, Aldar Properties, City of Arabia and Dar Al Arkan are platinum sponsors; Al Tijaria, Tameer and Saraya Holdings are gold sponsors; and Real Capita, Sviluppolazio and Mawared are silver sponsors.
