H.H. Sheikh Mohamed bin Khalifa Al Maktoum inaugurates biggest transactional property exhibition in the region

Press Release

‘International Property Show - Dubai 2009’ opens with over 150 exhibitors from 20 countries

H.H. Sheikh Mohamed bin Khalifa Al Maktoum inaugurates biggest transactional property exhibition in the region

February 15, 2009

H.H. Sheikh Mohammed bin Khalifa Al Maktoum, Chairman, Dubai Land Department inaugurated today (February 15, 2009), the 'International Property Show - Dubai 2009', the biggest transactional property exhibition in the region. The show is set to showcase exceptional development projects from over 150 exhibitors from across the globe that are seeking to leverage the high attendance of international and regional investors at the annual industry event. Strategic Marketing and Exhibitions (SME), the event organiser, has revealed that the show, which will run until February 17, 2009 at the Dubai International Convention and Exhibition Centre (DIEC), is set to capitalise on the shift in property prices in Dubai, as well as the projected rise in the number of expatriates in the emirate in 2009.

Amidst the projections that Dubai’s economy will expand by 2.5 per cent in 2009, in addition to the expected arrival of many foreign residents, exhibitors and investors are upbeat about this year’s event. The exhibition’s association with the Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD) has also contributed to the high level of confidence of investors at the show. As the event’s Strategic Partner, RERA has set up a special pavilion within the venue - the ‘RERA Consultancy Zone’, where representatives from the agency are answering the inquiries of commercial and residential investors and specialised visitors from the property industry. A dedicated pavilion has also been assigned to banks and financial institutions to aid investors seeking financial assistance.

Speaking at the inauguration, H.H. Sheikh Mohammed bin Khalifa Al Maktoum expressed optimism over Dubai’s property market growth. “Dubai will be the fastest city to recover from the impact of the ongoing credit crunch, and the emirate’s real estate sector will once again witness a period of long term boom. However, developers need to remain focused on their goal of continuing with the projects that they have already started and ensure that these projects are delivered on time. Developers who are registered with RERA can be assured of total support from Dubai Land Department. The impressive participation of players at the ‘International Property Show - Dubai 2009’ underlines the high confidence in the UAE’s property sector.”

Currently in its fifth edition, the ‘International Property Show - Dubai 2009’ has gathered the support of UAE-based master developer Falconcity of Wonders as the Gold Sponsor, and Al Arabiya TV as the exclusive broadcast partner. Leading real estate companies showcasing their UAE-based developments at the show include - Khoie Properties, who are showcasing the AED 3.5 billion 'La Hoya Bay' project and Bonyan International Investment Group highlighting its ‘Eye of Ajman’ project. In addition, other local developers include Tiger Properties, Roots Land Real Estate, RAK Properties, Corner Stone Real Estate, Dubai World Central, Chapal World LLC, Savannah Properties, Threesixty, and KM Properties, Time Properties, Asia Star Properties International, and Sherwoods Independent Property Consultant.

“We extend our sincerest appreciation to H.H. Sheikh Mohammed bin Khalifa Al Maktoum for gracing us today with his presence at the ‘International Property Show - Dubai 2009’, and to all the local and international real estate companies who have supported this exhibition. We are also pleased by the good turnout witnessed at the event from developers, in addition to professionals from the property and finance sector, despite all the challenges imposed by the current global economic crisis. Finally, I would like to wish all the participants significant success, and we look forward to attain the goals of this exhibition, and consequently support the local and regional real estate sector,” said Dawood Al Shewazi, Managing Director, SME.

“This year’s edition of ‘International Property Show’ features the participation of local companies licensed by the Real Estate Regulatory Agency (RERA) as we aim to showcase only licensed real estate projects. This has been the result of full coordination and cooperation with RERA, which entailed the submission of all the registration documents for each and every project at the show,” concluded Al Shezawi.

The ‘International Property Show - Dubai 2009’ was first organised in 2004, and has since grown to become the definitive event for companies seeking to establish strong personal relationships with worldwide players in property and investment industries. The global delegation at this year’s event include high profile companies from the UK, US, Malaysia, Spain, Thailand, South Africa, Bulgaria, Korea and Cyprus. Among these are high profile names such as Florida Choice Realty Services, Crown Acquisitions Worldwide PLC, Estateman Limited, Capital Land Acquisitions Ltd. and Harlequin Hotels and Resorts from the UK, and KW Luxury Homes, Stonehenge Builders Inc. and Rapid USA Visas from the US.