Is growth in Abu Dhabi's real estate market sustainable? |
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- SorouhSorouh
Chief Property Development Officer speaks on the future challenges for the Abu Dhabi real estate market and discusses how it is uniquely positioned to weather the current global economic situation - 10 November 2008 - Abu Dhabi, UAE: Speaking at the MEED Abu Dhabi Conference 2008, Gurjit Singh, Chief Property Development Officer of Sorouh Real EstateSorouh Real Estate PJSC, discussed how SorouhSorouh and Abu Dhabi are uniquely positioned to weather the current global economic situation. Mr Singh took part in a panel discussion at 12.30pm yesterday, Sunday November 9, to debate the future of the real estate market in the capital city of the emirate. The panel assessed supply and demand in the real estate market and whether growth is sustainable in Abu Dhabi. SorouhSorouh is one of the leading Abu Dhabi-based real estate developers, and well positioned to comment on the current and future projections of the market.
Commenting on SorouhSorouh's contribution to debate at the conference, Mr Singh, said:
"Abu Dhabi is strongly positioned to weather the current economic crisis and the real estate market will be one of the main beneficiaries of that strength. With the local population set to grow steadily in the medium to long term, demand for homes in well-considered, sustainable developments such as SHAMS Abu Dhabi on Reem Island will remain. SorouhSorouh's commitment to delivering all of its projects on schedule underlines its belief in the strong fundamentals of the market.
"MEED's Abu Dhabi Conference 2008 is a key event for SorouhSorouh. As the pace of Abu Dhabi's growth accelerates, it is important that there are these forums for the continued sharing of experience and best practice. We are all working towards one goal - the successful growth and development of Abu Dhabi."
SorouhSorouh is sponsoring the MEED Abu Dhabi Conference which continues until 11 November 2008, and senior spokespeople are available for interview.
-Ends-
Abu Dhabi-based Sorouh Real EstateSorouh Real Estate PJSC is one of the UAE's leading property companies, with more than AED 70 billion worth of projects under development in the UAE and internationally. Established in June 2005 with a capital of AED 2.5 billion, SorouhSorouh is now one of the largest real estate developers on the Abu Dhabi Securities Exchange.
SorouhSorouh is active internationally, with up and coming projects in Egypt and Morocco. Working in master-planning, master-development and property related fields, SorouhSorouh has some of the region's most important developments underway, including Abu Dhabi's Lulu Island, SHAMS Abu Dhabi, The Gate District at SHAMS Abu Dhabi, Alghadeer, Saraya and Golf Gardens, all developed in close cooperation with the Abu Dhabi Government and its vision for the future.
SorouhSorouh has received international recognition for its projects. Recent awards include:
- Best New Business - Middle East Business Achievements Awards 2007
- Best Commercial Project for the Gate District - Abu Dhabi Cityscape 2007
- Best development, Central Park, Shams Abu Dhabi - CNBC Arabian Property Awards 2007
- Best Customer Service Company - Real Estate category, Middle East Excellence Awards Institute 2008
For more information, and for interviews with SorouhSorouh's spokespeople at the MEED Abu Dhabi 2008 conference, please contact:
Amel Saad
Senior Corporate Communications Officer
Sorouh Real EstateSorouh Real Estate P.J.S.C.
Tel: +971 2 697 8956
asaad@sorouh.com
Emily Hewitt / Clare Dight
Four Communications Group Abu Dhabi
Tel: +971 55 985 3371 / +971 55 985 3380
Sorouh@fourcommunications.com
© Press Release 2008
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