Tamweel CEO says Abu Dhabi real estate market poised for enormous growth

Addressing Cityscape Abu Dhabi today, Adel Al Shirawi pointed to projected increases in the emirate's mortgage market to AED 3 billion and retail real estate sales to AED 9 million by the end of 2007, as well as announced Abu Dhabi government investments of AED 735 billion over the next decade.

Al Shirawi further described the sector's virtuous cycle of growth, including healthy GDP, increasing population, reformed property laws, high liquidity, strong foreign direct investment, new lifestyle attractions, environmentally sustainable development and availability of commercial space.

He said: 'With a vast natural waterfront and excellent infrastructure, Abu Dhabi is very much a city of the future. While the home finance industry is just gearing up, the outlook for the future could not be brighter. As the single largest contributor to the UAE's economic growth, Abu Dhabi is channeling much of its share of the country's projected real GDP growth, estimated at nine per cent for 2007, back into the development of the emirate.'

He continued:

'Today, the real estate market in Abu Dhabi is served by three pure mortgage players and seven banks, which are working to meet the steadily increasing demand for both home finance and commercial development in this young, vibrant market. Tamweel, which opened its first office in Abu Dhabi in 2006, is proud to partner with major developers in the emirate to foster the growth of the real estate sector generally and the home finance segment in particular.'

The Tamweel Chief Executive Officer spoke at a panel discussion titled, 'Benchmarking Abu Dhabi's competitive advantage in the global context.' The discussion was held from 11:45AM-1:00PM at the Abu Dhabi National Exhibition Centre.

Other speakers on the panel included Falah Mohammed Al Ahbabi, Associate Director, Urban Planning, Executive Affairs Authority of Abu Dhabi; Rosemary Feenan, International Director, Jones Lang LaSalle; Salah Al Shamsi, Chairman and Managing Director, Al Qudra Holding; Mounir D. Haidar, CEO, Sorouh Real Estate; and John Shaw, Chief Investment Officer, ALDAR.

Cityscape Abu Dhabi 2007: The real estate finance and investment conference takes place from Tuesday, May 8 through Thursday, May 10, 2007. It is one of the world's largest B2B real estate events, with more than 200 exhibitors representing over 50 countries.