Abu Dhabi: If Cityscape Abu Dhabi 2009 coincided with the peak of the real estate downturn, this year's event was about a gradual return of hope, of a shared sentiment there is a sliver of daylight breaking through the clouds. For sure, this year there was none of the frenetic on-rush of speculators and investors at the turnstiles that was the abiding image of Cityscape Abu Dhabi 2008.
But not too many were pining for a repeat of the boom times. With the benefit of hindsight, industry watchers contend there will never be a going back to the way the market was operating then, at least any time soon.
For many of the visitors who turned up, it was an opportunity to scout for new opportunities. Geographies didn't seem to matter, people were on the lookout for places and projects which would offer the maximum security to their investments and a certain guarantee of optimum returns.
Rules and regulations were also very much in focus. "A very interesting development after the speculation in Dubai was to strengthen regulations," said Philippe Dauba-Pantanacce, senior economist for the Middle East and Africa, global markets, at Standard Chartered. "It seems to be working, and it is now being done around the region."
He was one of the speakers at an industry panel organised by Colliers International.
For industry insiders, it was very much an occasion to be seen and heard. "This is the platform to keep our flag flying and expect tangible results to come about at a future date," said Blair Hagkull, chairman for the Middle East and North Africa, Jones Lang LaSalle, the real estate consultancy.
Strategies are also being reworked at Abu Dhabi's leading developers. At some of them, new personnel have been brought in at the top echelons. "Right now, our aim is to determine the true nature of the assets in our books, assigning priorities as to where we should concentrate and step out of areas which are less crucial for growth," said the newly installed CEO at one of the leading developers.
Preferring anonymity, as he was still getting a feel of the position, he added, "It will take time for me to absorb all of what we are trying to set out achieve. At the right time, we will make our announcements. Now is the time to absorb the changes and finetune our processes."
He will not be the only one.
