Abu Dhabi: A business-like approach to real estate development and investment rather than the speculation of the past will be reflected in this year's Cityscape Abu Dhabi which opens Sunday, according to the organisers.
"The world has changed and Cityscape is no longer about people scrambling for off-plan properties to flip as quickly as possible," said Rohan Marwaha, Managing Director, Cityscape in a press statement. "Now, the emphasis is on business-to-business, joint ventures, partnerships and the like rather than the speculative investment schemes of the past. "Nevertheless we are still expecting to see major announcements on the progress on the big Abu Dhabi development projects which are an increasingly important element of the UAE capital's future growth plans," added Marwaha.
Cityscape Abu Dhabi will be the largest gathering of real estate professionals in the Middle East so far this year and is being held at the Abu Dhabi National Exhibition Centre until Wednesday. The organisers say there will be more than 250 exhibitors from 36 countries and they expect more than 800 CEOs to attend, along with thousands of investors. In addition, there will be more than 70 networking forums and a major conference with over 160 speakers from more than 25 countries.
World attention
"Abu Dhabi is diversifying its oil-dependent economy with real estate and infrastructure projects costing more than $300 billion (Dh1.1 trillion) which is capturing world attention," said Marwaha.
"While the UAE capital has not been immune to the global economic downturn, it has the cushion of more than 90 per cent of the UAE's oil reserves as well as significant financial reserves in sovereign wealth funds. If anything, the downturn has reinforced Abu Dhabi's realistic approach to development with the big, strategic projects going ahead as planned. The Cityscape Abu Dhabi portfolio of exhibition, conference, seminars and related events brings together international investors, developers, government and investment authorities, leading architects, designers, consultants and senior professionals.
Among the numerous exhibition highlights will be:
- The Abu Dhabi Urban Planning Council unveiling the first ever life size model of Abu Dhabi's urban landscape as envisioned through Capital 2030; 30 projects showcased by the Department of Municipal Affairs in Abu Dhabi, along with Abu Dhabi, Al Ain and Western Region Municipalities; The design of the Four Seasons Hotel Abu Dhabi at Sowwah Island being developed with Mubadala, The new masterplan for Abu Dhabi's Mushrif Central Park by Seba Properties; Baniyas Investment and Development Company's Bawabat Al Sharq Apartments, Harrods Estates, the property division of the renowned Knightsbridge store in London are taking part for the first time and International property agency Chesterton will also showcase exclusive London residential properties and developments.
- At the conference which forms part of Cityscape Abu Dhabi the emphasis will be on transparency, regulation and project delivery. There will also be a series of closed-door, invitation-only forums where investors can source up-to-date information on global investment opportunities.
- Running alongside Cityscape Abu Dhabi 2010 will be a new component to the event, CityBuild Abu Dhabi - an international trade show for the building and construction industry bringing together suppliers, manufacturers, distributors, architects, engineers, importers and procurement decision makers.
