Business | Property

Cityscape reports deals worth $36b

Cityscape Abu Dhabi which concluded last weekend, witnessed deals and transactions worth $36 billion, the organisers said on Wednesday.

  • Staff Report
  • Published: 00:08 May 22, 2008
  • Gulf News

  • Major local developers such as Mubadala, Sorouh Real Estate, Aldar Properties and Al Qudra Real Estate had a significant presence at Cityscape Abu Dhabi, which had 50,000 participants this year.
  • Image Credit: Gulf News Archive

Dubai: Cityscape Abu Dhabi which concluded last weekend, witnessed deals and transactions worth $36 billion, the organisers said on Wednesday.

Mark Goodchild, project manager, Cityscape Abu, said, "Many of the master developers made contact with institutional or private investors, which will require due diligence on both sides prior to closing any deals. We have estimated the amount of projected business both during and after the event that this represents.

"Furthermore, we have also included the high levels of business activity between real estate developers for land sales and joint venture projects and the considerable amounts of business conducted by architects, consultants, engineers, contractors and other service providers."

Major local developers such as Mubadala, Sorouh Real Estate, Aldar Properties and Al Qudra Real Estate all had a significant presence. The top ten projects in the capital, showcased at Cityscape Abu Dhabi were valued at $190 billion alone.

"After Cityscape's stunning debut last year in the capital, we forecast that the expanded 2008 event would attract around 25,000 visitors.

"However it was evident during the first day, when queues started forming around the exhibition centre, that even our most optimistic projections would be shattered. With a grand total of 50,000 participants, that proved to be the case," said Goodchild.

The Cityscape portfolio of events now returns to Dubai with Retail City 2008, which will take place at the Dubai International Exhibition Centre from 1-3 June 2008.

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