18 September 2005

DUBAI -- Dubai is all set to see more mega projects coming up in the near future, according to General Shaikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister. "It is only the beginning," he said yesterday, referring to the major ongoing projects launched by the Dubai government in the emirate.

General Shaikh Mohammed, who officially inaugurated Cityscape 2005 exhibition yesterday, also said while briefing newsmen that Dubai was proud to host such an exhibition, which has attracted 300 companies from 51 countries, including those from Europe.

"To have them come (here) and invest is something to be proud of. The Emirates is proud to be part of this progress," he said.

While replying to a query about a positive and negative outlook on the real estate sector in Dubai, he said: "We are amongst the optimists. Only the tree, which bears fruits, gets hit with stones." 

General Shaikh Mohammed, who toured the exhibition earlier in the day, was  updated on the progress of key developments in Dubai, including those of platinum sponsors Nakheel and Emaar.

Emaar senior sales manager Hussain Belshalat briefed General Shaikh Mohammed on the progress of construction at the Burj Dubai Development. "General Shaikh Mohammed was keen to know about the Old Town Island, when that will be completed and I told him the design is done and we will start selling in one or two months," the official said.

General Shaikh Mohammed also saw the scale of regional and international participation in Cityscape 2005. Franck Dailles, project director, Cityscape 2005, said: "He was pleased to see projects from Bahrain, Qatar, Jordan, Kuwait, Lebanon, Oman and, of course, Saudi Arabia. He was also interested to see we had participants from Canada, Australia and Malaysia."

Former US Presidential candidate and president and chief executive officer of Forbes Inc, Steve Forbes, was a VIP guest of Saudi Arabia's Dar Al Arkan Real Estate Development Company at Cityscape 2005.

"Dubai has now joined the ranks of Hong Kong, Shanghai and other rapidly growing areas. It is demonstrating enormous growth. The changes take one's breath away," Forbes said.

"This is my third visit here and I always come away very impressed. Dubai is also the centre of our Forbes Arabia edition. Dubai's growth prospects seem truly unlimited. The architecture is dazzling. The innovation seems constant. It makes the imagination soar," he added.

BY JAMILA QADIR

© Khaleej Times 2005