Cityscape Dubai 2007 Gets Off the Ground

The World’s largest business-to-business real estate investment and development event Cityscape Dubai 2007 was opened on 16th October at Dubai World Trade Center by Mohammad Al-Gergawi, Minister of State for Cabinet Affairs of the UAE.

The three-day event has a display of a spate of spectacular international projects worth more than $200 billion.

Organizers told Arab News that the event is set to welcome more than 45,000 investors, property developers, senior professionals and other officials from 120 countries.

“The progress of Cityscape as an event underscores the growth of Middle Eastern companies as formidable players in the global real estate industry,” Al-Gergawi said while addressing the media at the opening ceremony.

“To support this inward investment we have ensured greater clarity in our real estate laws with the creation of the regulatory bodies. The Real Estate Regulatory Authority in Dubai, Sultani Decree No 12/2006 in Oman and the Dubai Land Department’s Escrow Law 8 have made the sector, even more safe and friendly for investors, developers and end-users,” he added.

The event also features the World Architectural Congress and Cityscape Architectural Review Awards.

Obaid Al-Salami, general manager, Dubai Investments Real Estate Company (DIRC), said: “Our participation in Cityscape Dubai will be an ideal opportunity to interact with a multitude of potential investors who are keen on exploring viable investment opportunities in Dubai’s ever-growing real estate sector.”

Dubai Properties yesterday unveiled its latest development within Business Bay � the AED4 billion Bay Square. Dubai Properties’ interactive stand at the Cityscape has showcased the Business Bay Vision

Scheduled for completion by 2009, Bay Square is positioned as a new age community project, targeting businessmen, residents and retailers seeking a stress-free lifestyle in a corporate environment.

At Cityscape, Al-Fara’a Properties has announced its plans to launch “The Manhattan”, an AED353 million luxury apartment complex located within Jumeirah Village. The Manhattan is inspired by the urban residences of 1930’s New York, and offers a total of 355 elegant units, which comprise a selection of studio, one, two and three bedrooms apartments

KM Properties, the real estate development arm of KM Holding, announced that it is launching the latest in a series of innovative developments at Business Bay.

Tamani Arts Offices is set to become the business epicenter of Dubai’s prestigious Business Bay development. The ground plus 20-story stunning glass and steel tower will provide the very latest in cutting edge technology to provide a seamless business platform.

“Tamani Arts Offices will offer easy access to some of Dubai’s notable landmarks and recreational destinations, including Burj Dubai, Old Town, Dubai Mall and Sheikh Zayed Road,” said Dr. Mohamed Haddad, chairman and CEO of KM Holding, parent company of KM Properties.

Yesterday’s other major announcement was from National Properties, the wholly-owned real estate subsidiary of National Bonds Corporation. It unveiled “Flamingo Creek”, a mixed-use project to be located on the western fringes of “The Lagoons”.

Flamingo Creek will be developed adjacent to the arterial Ras Al-Khor road and will offer a stunning view of the Ras Al-Khor bird sanctuary.

Abu Dhabi-based Rakaa Properties announced a series of three residential towers. Situated on Reem Island in Abu Dhabi, the area where the project will be developed was chosen due to its strategic location within the mega-scheme which differentiates it from other projects.

“The launch of this three tower project comes at a time when Abu Dhabi is experiencing a significant property boom,” said Dr. AbdulRahman Al-Tasan, CEO of Rakaa Properties.

At Cityscape, Rakeen, property developers and master planners, has announced that Al-Marjan Island, a $1.8 billion man-made island development off the coast of Ras Al-Khaimah, UAE.

“The highly innovative and state-of-the-art technique used in the construction of the project has provided an environmental premium to Al-Marjan Island, ensuring healthy living conditions and long-term sustainability” said Amy Gough, marketing manager of Rakeen.

Aqua Dunya Resort and Residences, developed by Ali Sulaiman Al-Shehri, along with Interval International, a leading provider of vacation services and an operating business of IAC (IACI), has announced the affiliation of Aqua Dunya Vacation Club in the Interval International exchange network.

Situated in Dubailand, construction of the first phase of 170 apartments is scheduled for early 2008 with completion in early 2010.

Steve Tight, chief executive officer of Aqua Dunya, said “the integration of a vacation ownership component into the Aqua Dunya Resort and within Dubailand’s portfolio of entertainment offerings provides a flexible alternative for guest accommodation in Dubai.”

Meanwhile, Inter Emirates Properties, said the freehold realty boom in Ajman continues with sharp rise in investor preference for the emirate’s properties in the backdrop of both residential and commercial projects offering high returns in the range of 20-40 percent per annum.

Aida G. Tomolso, general manager, Inter Emirates Properties said: “Ajman has now emerged as a property investment destination in the UAE offering lucrative returns. The heightened investor interest in Ajman properties has also led to rising rates which is now anywhere between 450- 650 per square feet compared to 300-500 a little over a year ago for residential and commercial properties respectively.”