Dubai: A possible surge in demand for property in regional and other emerging markets could lift real estate and construction sectors, officials said at the four-day Cityscape Global event that started at the Dubai International Convention and Exhibition Centre Monday.
Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, opened the Cityscape Global property exhibition. He was accompanied by senior government officials when he toured the exhibition -- one of the largest showcases of commercial architecture, design and property in the Middle East.
"Our expectations for this year are still very positive given the market conditions. In terms of exhibition space we've reduced about 10-15 per cent but I think given the market conditions and given everything that's happened it's a sign that people want the confidence to return to the market," Rohan Marwaha, CEO of Cityscape, said.
This year sees the launch of the newly branded Cityscape Global which will focus on international emerging markets.
The event, which is in its ninth year, and has evolved from Cityscape Dubai to incorporate the increase in international participation it has attracted. The event will showcase properties from the UAE, Saudi Arabia, Egypt and Jordan, among other places.
More than 200 exhibitors are participating this year. According to Marwaha, Cityscape is expecting approximately 30,000 visitors, which is down from the estimated 38,000 visitors that attended Cityscape last year.
"Our expectations for this year are still very positive given the global market conditions. Exhibition space has been reduced by about 10-15 per cent but again I think considering the market conditions and given everything that's happened recently especially in Dubai, such as the $1.25 billion (Dh4.59 billion) Dubai Government bond which was four times oversubscribed, will breathe more confidence into the market," Marwaha said.
Catalyst
"There are many other initiatives too, but I'm sure that this will act as a catalyst and will create momentum that will ensure that investor confidence will steadily grow through to 2011."
This edition of Cityscape comes amid improved overall sentiment in Dubai since conglomerate Dubai World said in early September that it has secured approval from 99 per cent of its creditors for a debt restructuring plan.
By Aya Lowe
© Gulf News 2010
