Monday, April 20, 2009

Cityscape Abu Dhabi 2009 opens with fresh hope to tackle crisis

Cityscape Abu Dhabi
The four-day annual property exhibition, Cityscape Abu Dhabi 2009, has been unveiled at the Abu Dhabi National Exhibition Center on Sunday.

The show involves participation of both regional and international investors, government authorities, real estate developers who intend to discuss the current market challenges and strategies to tackle them.

The event was inaugurated by General Shaikh Mohammed Bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces. When touring the exhibition, General Shaikh Mohammad was briefed by exhibitors about their developments.

There are about 40 or more participating companies in the event. An executive from Sorouh Real Estate said that few developers have been offering affordable housing for all levels of income. This is an important development, as earlier, only prominence was given only for high-end property developments, he added.

A senior executive of Aldar Properties, one of the largest property development companies in Abu Dhabi, Ousama Ghannoum, said that several banks and finance houses have come forward offering loans to potential buyers, which would generate interest in various developments in and around Abu Dhabi City and the emirate.

The Managing Director of Ascon Group, Abid Junaid, said that this year's Cityscape is hoped to re-instill the consumer confidence in the property sector and help in revival of the sector.

Abu Dhabi has a better hold and can capitalize on the relative weakness of other property markets facing turmoil and uncertainty due to global economic recession. This is because the emirate has the largest sovereign wealth fund and the long-term plans for continued real estate and infrastructure development.

This year's Cityscape is likely to be 32 percent bigger than its last year's edition and covers a gross area of more than 38.000 square meters.

New projects are to be announced at the exhibitions, including one by Aldar Properties.

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