Oct. 09--DUBAI -- Reinforcing the positive sentiment of the local market, all major UAE developers have a strong presence at Cityscape Global, a three-day mega real estate event, currently taking place in Dubai.
Emaar Properties, Nakheel and Dubai Properties Group, Barwa, Pacific Ventures, DAMAC, Deyaar Development, Diamond Developers, Flash Properties, Meydan Group, Omniyat, Tanmiyat and Tharaa Holding are showcasing their latest developments. Most of the real estate heavy-weights have ambitious projects and offers.
Dubai Deputy Ruler Shaikh Maktoum bin Mohammad bin Rashid Al-Maktoum opened the event on Tuesday.
"Most of the new project announcements in Dubai are as ambitious as ever but we are seeing a more mature approach, which will benefit the long-term credibility of the real estate sector among investors," said Alan Robertson, CEO of Jones Lang LaSalle in the MENA, who will be hosting a series of events throughout Cityscape Global, including the unveiling of three major reports.
"We highlight many of our new offerings, including the luxury serviced villas available at AKOYA by DAMAC, and further exciting investment opportunities as part of our collaboration with Paramount Hotels and Resorts in both Dubai and Saudi Arabia," said Niall McLoughlin, SVP, DAMAC Properties.
"Deyaar Developments recently registered a half yearly gross profit of AED140.2 million compared to AED108.7 million in 2012. These figures reflect renewed investor confidence and positive market sentiment," said Saeed Al-Qatami, CEO, Deyaar Developments.
On the first day of the event, Mohamed Alabbar, chairman of Emaar Properties, and Ahmad bin Byat, CEO of Dubai Holding, unveiled the master plan of The Lagoons, a waterfront city within Mohammed Bin Rashid City (MBR City), inspired and built by the banks of the Dubai Creek.
The mega-development for tomorrow's youth is spread over an area of 6 million square meters (over 1,482 acres).
Qatar-based real estate developer Msheireb Properties is showcasing its pioneering regeneration of Doha's historical commercial center through its QR20 billion Msheireb Downtown Doha (MDD) project.
"We hope Msheireb Downtown Doha will inspire countries around the world to sustainably regenerate urban areas as a viable alternative to the energy-intensive development of Greenfield sites. It is also a tangible representation of how a city can preserve its architectural heritage and create a distinctive identity away from steel and glass skyscrapers that are so prevalent around the world," said Abdullah Hassan Al-Mehshadi, CEO, Msheireb Properties.
During the exhibition, RAK Properties announced the expansion of Mina Al Arab by unveiling two new flagship projects. The projects offer 104 waterfront villas and two 20-story building overlooking the Gulf and the Mina Al Arab Lagoon with an investment of approximately AED400 million.
Invest Group Overseas (IGO), a major international investment company and a member of MAG group, unveiled The Polo Residence, its flagship AED2.1 billion real estate project in Meydan in Dubai scheduled to be completed by 2015. The project, which covers an area of 1,500,000 square feet in Meydan, will consist of 29 buildings.
"The launch of this 'iconic' polo-theme community is a proud moment for IGO, because it represents a new outstanding addition to the real estate scene of Dubai," said Anas Kozbary, CEO of IGO.
The event, which has a participation of over 220 regional and international exhibitors, will run through Thursday.