Friday, October 10, 2008

Projects worth Dh.500bn announced at Cityscape Dubai 2008

Property developers in the Gulf continued to remain confident amidst fears that the global economic turmoil could hit the real estate sector in all places, including the UAE. The visitors thronging the halls of Cityscape 2008 were greeted with tower upon tower.

Projects worth about Dh.500bn were announced at the Cityscape exhibition held inDubai this week, although it is believed that more prominence has been laid on
high-end properties, neglecting the needs of the majority mid-income group.

With the announcement of new projects in Dubai, the total value of the projects developed in the city would touch Dh.1.3trillion, to be developed within next 10 years.
Cityscape Dubai 2008
In the opinion of few experts, the global crisis may prompt more Arab money which has been invested in the US and Europe, to flow back into the region.

Dar Al Arkan's project was displayed on the 3rd day of Cityscape 2008. One of the most ambitious integrated luxury-mega resorts, the 'Boris Becker Beach Resort & Tennis Academy', was unveiled by the Tennis legend himself.

Vertical structures made a major presence at the Cityscape skyline along with record breaking project by Nakheel, and the Michael Schumacher World Champion Tower, the world's first wharf tower, in Abu Dhabi.

Leading developer ETA showcased few of its new projects on the third day of Cityscape exhibition. The Meydan project, with its world-class horse racing and leisure amenities at the Nad Al Sheba area was eye-catching for the visitors.

Aquintania, the property by Select Group on 'The World', was launched by Dutchess of York - Sarah Ferguson, in place of the earlier planned Oscar-winner Hilary Swank.

Dubai Municipality was honoured during the Cityscape Dubai 2008 awards, for carrying out outstanding renovation work on mosques of historic Shingadha, and for its renovation on Dubai’s Old Souq and the historic Bastakia and Deira.

Tamweel PJSC, the largest real estate finance provider in the UAE has met with considerably enthusiastic response for its finance offers at Cityscape Dubai 2008, with more than 470 property registrations completed right on the first day of the event, indicating the eagerness of the market for well-priced properties.

Tamweel had offered upto 90 percent finance for visitors who register for pre-approval facility at the company's exhibition stand, with no arrangement fee upon registration on few select Tamweel properties. The visitors responded strongly to this offer of Tamweel, despite the challenging conditions in the global market.

Several visitors have been flocking the halls of Dubai Convention Center, as the world's largest real estate development exhibition continues in full swing, planned to end today.

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