Business | Property
UAE firms steal show at Cannes realty exhibition
UAE companies have a very strong presence in the 19th edition of the international real estate exhibition MIPIM taking place in Cannes, France, from March 11 to 14.
- By Ahmed A. Elewa, Senior Reporter
- Published: 23:41 March 11, 2008
Cannes: UAE companies have a very strong presence in the 19th edition of the international real estate exhibition MIPIM taking place in Cannes, France, from March 11 to 14.
There are 142 companies participating from the GCC countries, and of those, 110 are from the UAE. Bahrain is second with 15 companies.
The overwhelming presence of UAE companies is apparent in every exhibition hall, as the leading companies are among the event's sponsors.
"For some time European and US developers have dominated the MIPIM landscape and with Dubai and the GCC now undoubtedly among the world's most rapidly expanding, and innovative development arenas, it is important that the global industry understands the advances being made in the region," Mehdi Amjad, president and CEO of Omniyat Properties, told Gulf News.
All the leading UAE developers with the exception of Emaar Properties, Tamouh Real Estate and Al Reem Investments are demonstrating their most prestigious projects and sponsoring the various events and facilities at the exhibition to ensure that visitors cannot miss the heart of the real estate boom in the Middle East.
MIPIM is hosting about 28,000 delegates this year, exhibiting developments from all around the world, including more than 6,500 investors.
Dubai representation
From Dubai, companies such as Omniyat Properties, Union Properties, Sama Dubai, and Dubai Properties are occupying prime and extensive exhibition space, displaying their mega projects in the UAE as well as other areas in the Middle East.
Meanwhile, all the leading developers from Abu Dhabi are also participating, including Aldar Properties, Sorouh Real Estate, and Al Qudra Holding.
With the subprime mortgage crisis escalating in the US, real estate investors are now looking elsewhere for markets with growth potentials, such as the Middle East, especially in the countries that carried out significant changes in the legal framework.
Accordingly, the increasing presence of many new markets can be seen in Cannes this year.
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