Cityscape organisers are making their property investment and development event a bi-annual one with the launch of Cityscape Abu Dhabi, set to take place at the Abu Dhabi Exhibition Centre on 8-10 May 2007.
The Dubai and Abu Dhabi events will complement each other and aim to further exploit the mega-projects and outstanding growth potential of the region’s property development and investment markets.
Jessica Sutherland, General Manager, IIR Middle East, commented, “Cityscape Dubai has enjoyed phenomenal success over the last four years. Extensive regional research revealed the need for an additional event within the region. With over US$ 270 billion in new construction projects planned we decided that Abu Dhabi was the perfect destination.”
Abu Dhabi with its population of over one million inhabitants is by far the wealthiest emirate of the seven emirates that form the UAE and last year it had the highest per capita income in the world US$ 46,147. It has proven oil reserves which are estimated to last for another 150 years and currently pumps 3.5 million barrels of oil per day generating in excess of US$ 90 billion annually.
With a barrel of oil currently trading at US$ 70 and analysts predicting prices may rise to US$ 100 per barrel, clearly Abu Dhabi’s wealth should not be underestimated.
“Cityscape Abu Dhabi 2007 is yet another milestone in Abu Dhabi’s property development plans. Currently Abu Dhabi attracts US$ 4 billion annually in foreign direct investment (FDI) and showcasing major construction projects from around the region through events such as this will significantly increase the flow of FDI, not only to Abu Dhabi but throughout the Middle East,” said HE Ahmad Humaid Al Mazrouie, Director General, Abu Dhabi National Exhibition Centre (ADNEC).
Ever mindful of the environmental impact of ill-planned mass construction projects, real estate development in the capital has steadily gathered momentum, new property ownership laws were passed last year and several huge projects have been launched, non more spectacular than the Aldar Properties’ US$ 14.7 billion Al Raha Beach project. In total, 218 islands have been earmarked for development and only last week Aldar announced that it had advanced plans for 32 new hotels within the next seven years in Abu Dhabi alone. This massive injection of hotel room stock will almost double the capital’s current capacity and will complement the current US$ 5.7 billion international airport, designed to handle twenty million passengers a year.
Ousama Ghannoum, Marketing & Communications Director, Aldar Properties added, “Cityscape Abu Dhabi 2007 will get our full support. It is particularly pleasing for us to have such a renowned event here in the capital it will enable Abu Dhabi to showcase major projects to the entire region and beyond.”
Abu Dhabi has the financial muscle to pull in regional and international investors looking for access to some of the most ambitious projects in the world. With a structured, stable and transparent financial environment combined with local and international expertise, the marketing of these mega-projects has already started with attractive financing packages for investors offered by leading banks such as Abu Dhabi Islamic Bank.
Simon Horgan, CEO, ADNEC stated, “We have one of the largest state-of-the-art exhibition centres in the region. With 57,000 square metres of floor space, a 2,000 square metre food court parking for over 6,000 cars and a retail zone with 100 outlets, the ADNEC is a worthy venue to host such a premier event as Cityscape.”
Cityscape Abu Dhabi joins the Cityscape portfolio of events, which includes Cityscape Asia in Singapore and Cityscape China in Shanghai, all scheduled for the first half of 2007.
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