Tuesday, January 27, 2009

IREIS 2009 to kick-start in Abu Dhabi on 27th Jan'09

The Abu Dhabi Real Estate and Investment Show - IREIS 2009 will be unveiled to the public at the Abu Dhabi National Exhibition Center on 27th January 2009. Organized by Dome Exhibitions, the show will be held under the patronage of H.H. Sheikh Dr. Sultan bin Khalifa bin Zayed Al Nahyan.

The Director of Dome Exhibitions, Antonie Georges, said that IREIS 2009 is particularly important, as it one of the first major real estate shows to be held, following the global turmoil and its economic repercussions worldwide.

About 100 companies from 10 countries are participating in the event, and the area where the event is being hosted has also been expanded by 25 percent. About 50,000 invitations have been sent out to property developers, banks, real estate brokers, and financing establishments and personalities to participate in this big event.

George said that Dome Exhibitions is organizing a seminar, considering the global financial situation, and the real estate markets in the region, wherein several property experts, and representatives of brokerage firms and other financial institutions will highlight about the recent developments in property sector in the region and globally.

George, when speaking about the UAE economy, said that the economy remains strong with the measures taken by Federal Government and Central Bank to ensure enough liquidity into banks, allowing them to function normally and restrict the impact of global economic turmoil.

Property companies in the UAE are going ahead with their projects and there are no projects being scraped off in Abu Dhabi, as the financing companies have come forward to fund their clients.

George said that IREIS 2009 at this time is extremely important as it seems promising to investors who seek to re-enter the market. The current market is the best opportunity to invest in a new property, as indications are that prices would decline further, and economies in the Gulf and UAE would continue to grow, even when other economies record zero growth or even contract.

Among the sponsors of IREIS 2009 are the Platinum sponsor, Tameer, Real 21, Plus Properties, Sorough and Falconcity of Wonders.

The Chairman of Plus Properties, George Chehwane, said that there is a tremendous growth in the past three years and this would continue at a steady pace. The government of UAE is taking measures to deal with the current financial turmoil, and this serves as an incentive to investors for continued growth.

Shawqi Kurkumaz, Director of Real 21 for real estate brokerage, said that the market is gathering momentum and there are positive signals about UAE economy too. The demand will continue as long as supply falls short of strong demand and economy of UAE.

1 comment:

sunil said...

abu dhabi is def the place to invest. they are a smart and calculated leadership building slowly but surely. i really believe they will surpass dubai much faster than many anticipate. heck one day they might end up owning all of dubai....which will instantly make them the emirate to be in!