Wednesday, October 08, 2008

Cityscape Dubai 2008 successfully enters Day 3

Cityscape Dubai 2008
The Cityscape Dubai 2008 was opened by the Crown Prince of Dubai, Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, on Monday at the Dubai International Exhibition Center.

About 60,000 participants from over 150 countries had gathered in Dubai, to be a part of the world’s largest development exhibition and its associated conferences, which is expected to break all previous records. About 40,000 visitors flocked the Cityscape Dubai during the first two days of the show, which exceeds a total of three days of crowd gathering during last year's event.

After touring the exhibition on its opening day, Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum spent a little time on the Sama Dubai stand. The Dh.350bn Jumeirah Gardens Project by Meraas Development was one of the big talking points on the first day of Cityscape.

An Aldar project from the Iskandar Financial District was also one of the many detailed models kept on display at the show. Even the Falcon City of Wonders project was much talked about, and was one of the many developments on display at the show.

On the whole, about $100bn worth of new projects were launched on Monday, the first day of Cityscape. However, this news failed to ignite investor confidence, as there were growing fears about the global credit crunch and the possible overheating of the local property market.

Starting from Dh.350bn beachfront project to a kilometer-high tower, the developers at the annual Cityscape exhibition in Dubai launched the usual series of mega-developments, which has been responsible for boosting the Gulf Arab Commercial hub to international fame.

While the Dubai mortgage lender Tamweel, announced plans to launch about Dh.2bn worth of Islamic bonds in 2009, the Sorouh Real Estate of Abu Dhabi announced that all its projects have been proceeding on track.

The CEO of Sorouh, Mounir Haidar, said "The UAE is not an isolated link from the global financial system. However, UAE enjoys a different dynamics. It is an emerging economy with strong demand. Its economic policy is encouraging for people to invest in the region." The Managing Director of Cityscape, Rohan Marwaha, said that due to considerable demand from the public, the Cityscape Dubai 2008 will be open for another hour every day until 8pm.

Well into its seventh year, the Cityscape Dubai 2008 is seeing visitors flocking in, despite market uncertainties in many regions.

"Cityscape Dubai is unique, in the sense that it is not a retail event, wherein people come in and buy individual properties. It is a true investor-level, international business-to-business show," said Marwaha.

Organized by IIR Middle East, the Cityscape Dubai is a flagship event of a brand developed in Dubai, which has gained international recognition. The major strength of Cityscape is the access that it has to few of the wealthiest and most liquid property investors in the world.

Cityscape 2008 is a four-day event, likely to end on Thursday, October 9 2008.

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