Event ends on a high note with announcements highlighting the increasing significance of market awareness
Abu Dhabi: Cityscape Abu Dhabi will close to the general public today, following four days of debate, discussion and announcements from the regional and international real estate industry. The show floor has been a hive of activity, with several large-scale announcements made, all of which reflect the developing market place in the region and the shift in focus for developers.
Urban Planning Council announced on Monday that it had signed new contracts for the delivery of 7,500 new homes specifically for Emirati families in Al Gharbia, Abu Dhabi and Al Ain. The contracts were awarded to Sorouh Real Estate, Tamouh Investments, Royal Development Company, and Al Qudra Real Estate, as part of the Emirati Family Housing Programme and will bring the total number of villas developed specifically for this sector to over 13,000.
Abu Dhabi general services company, Musanada, also revealed new projects this week, including the awarding of a contract by Abu Dhabi government to manage the delivery of a residential project in South Samkha, around 45km from Abu Dhabi city. The development is scheduled to provide homes for around 130,000 Emiratis.
The importance of this market was further highlighted in the Middle East Real Estate Summit, with several sessions focussing on affordable housing and making such projects attractive for developers and investors. One of the new elements at this year’s event, Post Conference Workshops, was also dedicated to this topic.
Wael Tawil, CEO of exhibiting company Baniyas Holding. commented on his company’s week at Cityscape, he said, “The importance of Cityscape lies in the fact that it is a platform to exhibit various products in the market, showcase different projects in the pipeline and introduce long term plans, regulations and governance. This year, the event attracted distinguished exhibitors offering yet another opportunity to connect with the investors and end users. The newly launched Andalusian villas within Phase III of the award winning Bawabat Al Sharq received a good response over the past couple of years, which resulted in booking more than 60 per cent of these units. We are extremely satisfied with the turnout so far and we expect the same response today.”
Chris Speller, group director of Cityscape Abu Dhabi, said, “This week, the agenda for real estate here in Abu Dhabi, the UAE and indeed the region, has been set. The projects being announced and the discussions that have taken place during the Middle East Real Estate Summit has highlighted the changes taking place in the industry at the moment and the clear shift in focus. Developers are looking to provide for a market that is in demand and the majority of that market lies in the middle-income sector.
“Thank you to our sponsors Mubadala Real Estate & Hospitality - Headline Sponsor, the Department of Municipal Affairs - Foundation Partner, our platinum sponsors Al Maabar, Aabar Properties and Al Qudra, Benoy – strategic conference sponsor, our conference lunch sponsor Manazel and all of our participants for making Cityscape Abu Dhabi 2011 such an interesting and successful week.”
Tomorrow (Thursday) will be an exclusive ladies only day at Cityscape Abu Dhabi. From 10:00 – 19:00, the exhibition floor will be a men free zone.
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Notes to Editor
Cityscape Abu Dhabi 2011, now moving into its 5th year, provides THE best arena for the real estate industry to showcase projects and services, network with key investors and developers from around the world and participate in content driven discussions with industry leaders. It brings together real estate investors, developers, consultants, architects and all other senior-level real estate professionals from the region and abroad to network, create joint venture partnerships and discuss the opportunities and challenges the current and future market will bring. For more information, www.cityscapeabudhabi.com
Cityscape Abu Dhabi is organized by Cityscape, a division of IIR Middle East, and encompasses a series of exhibitions and conferences in Dubai, Jeddah, Riyadh, Asia, Egypt, and Levant.
For further information, please contact:
Susan Parker or Laura Smith
Fifth Ring Integrated Communications: +971 4 372 0100
susanp@fifthring.com / +971 50 101 4403
laura@fifthring.com/ +971 56 799 1642