Success of Cityscape reflects UAE economic strength

Success of Cityscape reflects UAE economic strength

Federal support for institutions affected by economic crisis but not for reckless,
says Deputy Prime Minister

Institutions affected by the global economic crisis could expect government support “but not those that were reckless,” His Highness Sheikh Hamdan bin Zayed Al Nahyan, Deputy Prime Minister of the United Arab Emirates, said yesterday (Wednesday 22 April 2009).

He was speaking at the conclusion of an extensive tour on the final day of the Cityscape Abu Dhabi exhibition which he praised as one example of the success and continuing economic strength of the UAE. “Anyone can come and see here at Cityscape that we have a boom in the UAE in both the private and public sector,” the Deputy PM added.

Sheikh Hamdan said that while the world had been hit hard by an economic crisis, the worst had passed for the UAE and the country was now in the recovery phase. “We are the first country to recover from this crisis,” he added.

On federal support for institutions in the UAE that had been hit hard by the crisis, Sheikh Hamdan said support had already been forthcoming and would be continued. But he emphasised: “We are going to support those institutions that were affected by the meltdown but not those that were reckless in the beginning.”

Sheikh Hamdan was accompanied on his tour of Cityscape at the Abu Dhabi National Exhibition Centre by Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister for Higher Education and Scientific Research. Together with other senior government officials they visited several stands and later Sheikh Hamdan praised the quality of the real estate projects on display.

He said the continued growth and stability of the real estate sector in Abu Dhabi and the UAE, reflected the wise policies of the country’s leadership. The government would continue to support current and future private and public real estate projects, he added.

Cityscape Abu Dhabi organisers, IIR Middle East, forecast that total visitor numbers this year – though down on last year at the height of a speculative property boom - would exceed 27,000 by the close of business last night.

“We have been delighted by the support which Cityscape Abu Dhabi has received from Abu Dhabi, the federal government, the real estate industry and the public,” said Rohan Marwaha, Managing Director of Cityscape. “Not unexpectedly, this year’s event has differed substantially from the frenetic atmosphere of 2008 but has acted as a far more accurate barometer of the future real estate growth and investment potential.

“Now, as we look ahead to Cityscape Asia (Singapore 19-21 May) and Cityscape Saudi Arabia (Jeddah 14-16 June) as well as all other events in the Cityscape portfolio, it is clear that Abu Dhabi has set a significant benchmark for 2009.”

Cityscape Abu Dhabi brought together investors, architects, designers, developers, government authorities and key decision makers involved in the design and construction of public and private real estate developments. The show covered more than 40,000 square metres of exhibition space with more than 300 companies from over 30 countries participating. Running alongside was the Real Estate Finance and Investment Conference, featuring more than 100 speakers from the world’s leading finance, investment and real estate companies.

Cityscape Abu Dhabi 2009 received widespread backing from industry leaders. Headline sponsor was Mubadala Real Estate and Hospitality; Platinum sponsors were Aldar, Sorouh Real Estate, Al Qudra Real Estate, The Land Real Estate Investment and Development Company, Qatari Diar Real Estate Investment Company, and Burooj Properties; Investment sponsor was Abu Dhabi Investment House; Associate sponsor was the Abu Dhabi Department of Municipal Affairs. Gold sponsor were Tameer and Al Maabar; Silver sponsors were Aqaba Development Corporation and HSBC. The sponsor of the Real Estate Finance and Investment conference was Brand Experience. International Broadcasting Partner was CNN International and regional broadcasting partner wasAl Arabiya.

For more details about Cityscape Abu Dhabi and links to other Cityscape events, please visit www.cityscapeabudhabi.com