UAE realty developments valued at $230 billion
ABU DHABI — The real estate developments in the United Arab Emirates which are valued at $230 billion, account for one-third of the entire Middle East's real estate projects, said Ahmed Ali Al Sayegh, Chairman, Aldar Properties.
He was speaking to a gathering of about 400 of the world's most influential real estate investors, made up of private banking and institutional clients from Citi, at the inaugural Citi Asia Pacific Property Conference held in Singapore.
The two-day networking conference brought together high net worth investors, developers, promoters and various other players from the Asia Pacific, Middle East, Europe and the United States to discuss investment opportunities in the property sector. These include the hospitality, office, residential, commercial, industrial segments as well as real estate investment trusts and real estate private equity. In his keynote speech he showcased the dynamic real estate market of Abu Dhabi and the United Arab Emirates, urging Asian investors to consider Abu Dhabi as an investment destination in the property asset class, pointing to signs of strong demand and tight supply in all four key segments: residential, office, commercial and hospitality.
Economic and demographic factors, together with concerted government initiatives, are also expected to provide a sustained boost to Abu Dhabi's real estate sector.
"The discussions at the Citi Asia Pacific Property Conference were aimed at drawing attention to the depth and diversity of the real estate markets in the some of the world's fastest growing economies," said Akbar Shah, Chief Executive Officer of Citigroup Global Wealth Management Middle East.
"We have brought together some of the best researchers and most prominent players in the real estate sector in a unique forum, not only to provide ideas, but also to help our clients to build networks, joint ventures and other forms of business partnerships in the real estate sector," added Shah."In recent years, Citi Private Bank has been especially prolific in expanding our real estate capabilities. We have been studying this asset class closely in how it complements our clients' wealth portfolios before creating the capabilities and investment opportunities for our clients." The participants of the forum included 150 ultra high net worth clients of Citi Private Bank — the largest gathering of high net worth clients for a regional conference on the real estate sector.
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