(Updated to include statement from Emaar)
Dubai’s largest listed real estate developer Emaar Properties PJSC
will not be taking part in this year's Cityscape Global exhibition, the region's largest annual real estate industry showcase.
“Cityscape Global has been a significant platform to showcase property developments in UAE and in the region. While we support Cityscape in its goal of highlighting Dubai’s property sector, Emaar will not be participating in Cityscape Global as part of the strategy to move the complete marketing strategy on digital platforms,” an Emaar spokesperson told Thomson Reuters
Projects in a statement on Tuesday.
The property exhibition is recognised as “the annual barometer” for the real estate industry in emerging markets, Cityscape states on its website, claiming that the event is “one of the largest and most influential real estate events held globally”.
"Emaar has made the strategic decision to forgo its participation at this year’s Cityscape Global exhibition," Informa PLC, organisers of the 16th edition of Cityscape Global, which is due to open next week, said in a statement.
"The company has opted to refocus its marketing efforts in Dubai, while continuing its involvement in other equally successful Cityscape events in rapidly growing real estate markets to enhance its footprint and repeat the same success that it has achieved in Dubai,” it added.
Emaar, which is part-owned by the Dubai government, is the developer behind Burj Khalifa, the world’s tallest tower, and the world’s largest shopping mall, The Dubai Mall. It allso has a land bank of 188 million square metres in the United Arab Emirates and key international markets.
The developer also broke ground on future icon ‘The Tower at Dubai Creek Harbour,’ in 2016, which Emaar said will be the world’s tallest building in 2020.
It also has several mega-projects ongoing in Dubai, including the 11 million square metre Dubai Hills Estate master development, as well as Emaar South, set near the venue of the Expo 2020 exhibition.
Last month, the developer launched 17 Icon Bay, a 43-storey residential high-rise, located within the 6 square kilometre Dubai Creek Harbour master plan. Emaar also announced the launch of a 200-metre high cantilever observation corridor in the Address Sky View development in Downtown Dubai.Emaar Properties
reported a 22 percent growth in Dubai property sales to 10.814 billion UAE dirhams ($ 2.944 billion) and a 15 percent growth in net profit to 2.837 billion UAE dirhams in H1 2017.
The company announced in June that it plans to list 30 percent of its UAE real estate development business in order to create significant value for its shareholders.
The company has delivered over 43,200 residential units in Dubai and other global markets since 2001.
Despite Emaar’s decision, other leading master developers in the emirate, such as Dubai Properties and Nakheel will be present at Cityscape Global next week.
Dubai-based Nakheel said earlier this week that it plans to launch six new residential, retail and hospitality developments at four of its communities in Dubai during the event. The new projects are collectively worth more then 3.2 billion UAE dirhams in total.
The 16th edition of Cityscape Global takes place on September 11 - 13 at the Dubai World Trade Centre. For more data, analytics, tools and news on projects in the Middle East visit the Thomson Reuters Projects portal.
© Zawya 2017