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Show concludes
with ‘measured expectation’

The four-day Cityscape had played host to signing of two major deals, with the first one being the Urban Planning Council awarding Dh5.4 billion contract to the Sorouh Real Estate to develop a masterplanned community project for UAE nationals in the capital emirate.

The second one was the Dh730 million deal signed between Department of Municipal Affairs and Aldar properties to provide the infrastructure for a development of around 1,045 villas, a school and other facilities in Al Ain near Jebel Hafeet.

His HighnessGeneral Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces visited the show several times. In a statement later, His HighnessShaikh Mohammed expressed satisfaction in Cityscape Abu Dhabi, saying the overwhelming attendance of international investors, designers, developers and decision makers was testimony to its success.

The organisers claimed that the events were success stories in spite of the gloomy predictions that were made ahead of those shows and the impact of the volcanic ash disruption.

But many of those who participated in the show including the e developers, experts and buyers conceded that the revival of the industry to a greater pace of growth would depend on a host of factors like easing of liquidity position regionally and internationally as well as continued investments in infrastructure and rate of employment generation.

The participants unanimously hailed the contribution being made by the Government for stimulating the real estate sector through sustained investments in infrastructure.

“What has been sustaining the property sector in the last two years is the commitments and sustained investments by the government in the infrastructure, and for diversifying the economy. It was the main driver in making a mature real estate market and creation of genuine demand here,” Dr. Hani Shammah, CEO of Bloom Properties told Khaleej Times on the sidelines of the Cityscape Abu Dhabi.

“The investments in the infrastructure sector by the Government are making multiplier effects on the property sector and this has augmented our optimism on the early recovery of the market,” Gurjit Singh, Chief Operating Officer of Sorouh Real Estate said.

Both of them however said there was room for improving the liquidity position in the market through measures like reduction of interest rates by the financial institutions and the developers framing tailor-made financial products to suit the sector, in collaboration with the financial institutions.

“Continued development, combined with careful planning and timely execution of projects are key to the increased international status of Abu Dhabi on show this year at Cityscape,” said Rohan Marwaha, Managing Director Chief Executive Officer of Cityscape.

One positive aspect of this edition of Cityscape was the flow of genuine investors and buyers to the event. “They had come up with serious enquiries and often difficult question on the detailed projects. But their presence was reassuring to us as it pointed to the rising genuine demand in the real estate market,’’ said Samia Bouazza, Director of Sales and Marketing of Tamouh Properties.

ramavarman@khaleejtimes.com