Conference showcases rousing realty to an elite audience
There is no doubt that this year's Cityscape Dubai was big. For the first time in its seven-year history the event was open for four days and drew a record-breaking crowd of 70,000 people from over 150 countries. Despite the numbers, however, there was a palpable sense that many visitors were there to see the sights rather than to buy. Perhaps the presence of the nascent Real Estate Regulatory Agency (RERA) and its ban on selling in the venue kept the frenzy of previous years at bay.
On offer
There were fewer launches than expected and most of them consisted of luxury residential developments. It would have been refreshing to see launches in other categories, yet many developers were able to wow the crowds with their unique master-planned communities across the MENA from Morocco to Egypt and from Syria to Iraq. The only real investment announcement of the show came from the Dubai International Financial Center when it announced an $816 million investment in the Dubai Pearl. The project is a mixed-use development worth some $4 billion, located near the base of the Palm Jumeirah and, like almost everything else, "currently under construction".
Perhaps the most spectacular unveiling of the show was the $95 billion Jumeirah Gardens, announced by the newly formed Meraas Development. Several unique buildings will be featured within the project, including one comprised of three towers at least 600 meters high and interconnected with bridges or skywalks, the latter to house restaurants and apartments with
Cityscape overheard
"You cannot judge Dubai in regular terms. Confidence in Dubai has not been shaken. There is huge confidence in Dubai." - Zaal Mohammed Zaal, chairman of Al Barari, commenting on the global financial crisis and the Dubai real estate sector's situation.
"Working and living in the same community makes for a more wholesome environment, but you need a critical mass to make it work. No less than 2,000 inhabitants." - Abid Junaid, executive director of ETA Star Properties, discussing the trend towards master-planned communities.
"It is ten meters high. We had 800 people working around the clock for one month to complete it." - A Nakheel employee describing the centerpiece Nakheel Harbor and Tower model.
"As long as there is a gap between supply and demand, some measure of growth is to be expected." - Samer Abu Hijleh, COO of Sorouh, commenting on the real estate market in the United Arab Emirates.
"RERA has put a very positive dimension into regulating the real estate market in Dubai and I am sure that similar efforts will come about in other emirates ... Regulation, if it is not excessive and bureaucratic, is always good for projects." - Ghassan Sakhnini, CEO of Tameer, on the role of Dubai's Real Estate Regulatory Authority
"Most of the properties sold in the Middle East are paid for in cash [compared to those who buy with mortgages in the US]" - Mounib Hammoud, executive director and COO of Solidere International, explaining the difference between the American and regional real estate markets.
the feel of being suspended in mid-air. The building, to be called Dubai 1, will be clad in a mosaic-like glass and aluminum exterior. The same company also announced the Park Gate complex that will be composed of multiple pairs of 30-to-40-floor buildings unified at the top with an arching, plant-covered grid structure. The intention is to keep the area up to 10 degrees cooler than its surrounding environment.
Other breathtaking projects included the Nakheel Harbor and Tower, which consists of an inland harbor at the foot of what is set to be the world's tallest tower, stretching over one kilometer into the sky. The tower will be comprised of four independent buildings linked together and its structural layout is heavily influenced by Islamic design. The harbor will be flanked by warehouses and parking facilities for 4,000 cars, intended to service Nakheel's The World development just off Nakheel Harbor's coast.
© Executive 2008
