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Property Sector Key Driver for Economy: Shaikh Mohammed

ABU DHABI - The four-day property exhibition, Cityscape Abu Dhabi-2009 kicked off on Sunday in the capital.

General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, inaugurated the show that has attracted over 250 exhibitors from 29 countries.

Speaking to reporters after the inauguration, General Shaikh Mohammed said the UAE was keen on providing all facilities to the property sector which is considered a key driver for economy.

“The ongoing interest that exists for real estate in Abu Dhabi represents a powerful endorsement of the government’s long-term vision for the sustainable growth and development of the emirate,” he said.

The chief guest after opening the show took a tour of the show and exchanged views with the developers. Members of the ruling family, senior government officials, businessmen and diplomats were present on the occasion.

The exhibitors termed the visit by the Gen. Shaikh Mohammed to the show as a strong signal from the government to the real estate industry, which is under stress due to global financial crisis.

The Business-to-Business show did not attract large crowds of investors, who had thronged the venue last year in search of properties. This year, majority of property developers have concentrated on displaying their previously launched projects although some have announced new ones also.

Aldar Properties unveiled Dh9.4 billion mid-income housing project. The 5,000 unit development is targeted at middle class Emiratis and will be fully funded by the Abu Dhabi government.

Waha Land, a subsidiary of Waha Capital launched the first phase of multi-billion mixed-use ‘Almarkaz’ project. The company plans to build warehouses and storage, light industrial units and labour accommodation.

Sarouh resets Alghadeer Project: Sorouh Real Estate has reduced selling price, re-scheduled payment plans, and revised built-up areas of the Alghadeer project, the mixed-use project located between Abu Dhabi and Dubai.

According to the company, over the coming weeks, Sorouh’s sales and customer support teams will interact with customers to discuss the initiatives in greater detail.

Mounir Haidar, CEO of Sorouh Real Estate said that passing on cost savings to the customers and enhanced planning of the mix of units in the first phase, will allow the company to create an attractive offer to the customers.

The company has also announced a re-phasing of the development. However, the company confirmed that all purchased properties will be completed on time.

Abubaker Seddiq Al Khouri, managing director of Sorouh Real Estate added that the fundamentals of Abu Dhabi’s market remain strong.

“But in the short term, we also understand that the market conditions offer us opportunities to review our existing plans to ensure long-term value for our customers,” he said. — With inputs from Wam.

· haseebhaider@khaleejtimes.com