Event opens window on $1.3tr in projects

Dubai: The Gulf's landscape architects and building community yesterday began to get a glimpse of the $1.3 trillion worth of projects that are in various stages of development at the latest edition of Cityscape Dubai, the region's biggest real estate show.

Mohammad Abdullah Al Gergawi, UAE Minister of State for Cabinet Affairs and Executive Chairman of Dubai Holding, inaugurated the exhibition at the Dubai International Exhibition Centre.

The three-day event, which will continue until Thursday, has already smashed records, with more than 1,000 exhibitors showcasing a dazzling variety of real estate projects over 70,000 square metres of exhibition space — increases on the 2006 event of 50 per cent and 27 per cent respectively.

The event is expected to attract 45,000 regional and international investors, property developers, governmental and development authorities, leading architects, designers, consultants and industry professionals from more than 120 countries — a 28 per cent increase on last year's attendance, and double the number of participants in 2005.

"The progress of City-scape as an event underscores the growth of Middle Eastern companies as formidable players in the global real estate industry," said Gergawi after touring the exhibition.

"In 2002, the Middle East attracted the best talent among global real estate service providers and we were the buyers. In 2007, we are not just a marketplace.

"Our project management expertise and real estate asset creation skills are being sought after by countries across the world. We now house the world's biggest property exhibition and also are home to some of the world's most prominent master developers."

According to Gergawi, the Middle East property market has taken ‘great strides' since Cityscape was first held in 2002 and now stands out as a leading property market for investors from around the world.

In particular, he pointed out the support inward investment has received from the creation of regulatory bodies that ensure greater clarity in real estate laws.

"The Real Estate Regulatory Authority in Dubai, Sultani Decree No 12/2006 in Oman and the Dubai Land Department's Escrow Law 8 have made the sector even safer and friendlier for investors, developers and end-users," he said.

Rohan Marwaha, Group Director of Cityscape for organisers IIR Middle East, who accompanied Gergawi around the exhibition, said Cityscape Dubai's rapid growth over the last five years underscored the achievements of Middle East companies on the world stage.

"Anyone who has witnessed the development of the Cityscape brand since 2002 cannot fail to be impressed by the great strides the Middle East property market has taken.

"The number, quality and diversity of exhibitors and the sheer scale of the exhibition, which has increased by 15,000 square metres on last year, mark Cityscape Dubai as the leading property market for institutional investors from around the world."