Dubai: Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai on Tuesday officially opened Cityscape Global at the Dubai World Trade Centre, with the attendance of Shaikh Ahmad Bin Saeed, Chairman of Dubai Civil Aviation Authority and Chairman and CEO of Emirates airline and Group, and top government officials.
Shaikh Ahmed Bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group, on Tuesday expressed his optimism of a faster recovery of the emirate's real estate sector, while dispelled fears of a negative impact of the European soverign debt crisis.
"I don't think it will take five years for the market to recover. We expect it to recover much earlier as the market has already bottomed out and there are encouraging signs of recovery," Shaikh Ahmed told Gulf News.
Referring to the latest announcements by Nakheel, Shaikh Ahmed, said, companies have started announcing new projects, expansions. "Nakheel is expanding the Dragon Mart and other projects. These are signs of growth and I am optimistic that the market will pick up faster," he said.
Shaikh Ahmed on Tuesday opened Cityscape Global exhibition and conference in which more than 150 companies are participating.
Shaikh Ahmed, who is also the chairman of Dubai's Supreme Fiscal Committee and Dubai World, said, he is not worried about the European sovereign debt crisis. "We are not worried. I don't think these developments will affect our economy adversely," he said.
Meanwhile, the three-day Cityscape Global, which works like a barometer for the market situation started with optimism of market stablisation and growth.
