Gergawi inaugurates first Cityscape development show

Touring the show, held in conjunction with the 4th International Property Investment and Management Conference (IPIC), Gergawi said the event was a unique opportunity for local, regional and international development sector players to address critical industry issues facing.

Congratulating Cityscape organisers IIR, Gergawi said: 'Cityscape is the ideal forum for everyone involved in regional development projects to come together, to discuss the way forward and to learn from international experiences.

'We in Dubai, do not see ourselves in competition with our Gulf neighbours. Rather we believe the various regional projects being undertaken complement each other.

'The market is not yet over supplied. We foresee even greater demand for housing and infrastructure as the economy continues to expand. These projects, some of which are already in the planning stage, will shape the future of Dubai and usher in a new era for the city,' said Gergawi.

Dubai's rapid economic growth and development was also underscored by Saeed Al Muntafiq, Director General of the DDIA, in his keynote address to IPIC, which runs, at Dubai's Emirates Towers hotel, until Tuesday.

'Dubai's GDP, which stands at US $16.4 billion, has grown at an astonishing rate of 8% over the past 10 years and, today, only 10% of the economy is represented by the oil sector,' he said.

'Non-oil growth between 1990 and 2000 averaged an even more staggering 11% annually, while non-oil trade grew at an average of 9.2%. This was achieved while keeping inflation at less than 2.5%.

'Dubai's GDP per capita is US $19,000, amongst the highest in the world, while the cost of living is lower than comparable countries like Singapore or Hong Kong,' Muntafiq said.

Outlining the business-friendly framework the government has built to attract overseas investment, Muntafiq said Dubai is home to more than 50% of the world's top companies, including a significant representation of the global 500 multi national corporations and all ten of the global top ten.

'Today, Dubai is widely recognised as a thriving business hub in its own right and the preferred gateway to a region that extends from North East Africa to the CIS and Indian Subcontinent - a region that includes 31 countries, 53 languages and 1.8 billion people, with a combined GDP of US $1.5 trillion,' he said.

Muntafiq said the Dubai government is committed to providing a state-of-the-art and multi-discipline infrastructure to accommodate future growth and maintain the city's competitive edge.

'At the DDIA we consider the real estate sector to be critical to the development of Dubai's economy. Feasibility studies are underway to assess market needs and best anticipate the demand of the 'knowledge workers' who will shape the next wave of residential real estate demand,' Muntafiq said.

'Moreover, the government is seriously looking into factors associated with real estate issues that will encourage liquidity and unlock value in the market. The future for the country's real estate market is bright.'

Cityscape and IPIC have brought together leading property investment and development experts and top architects from the US, Europe, Middle East, Africa and Australasia. Fifty-four exhibitors and 142 conference delegates are participating in the events.

Critical issues being addressed include the latest trends in the design and construction of commercial and residential buildings as well as investment issues, urban regeneration and public-private partnerships.

'Construction today is being rethought. The new thinking extends from suppliers to the client, embracing designers, specialists and constructors,' said Christopher Hudson, Project Manager, IIR.

'The aim of Cityscape 2002 and IPIC is to bring everyone under one roof, so they can build new relationships, rethink construction, meet the challenges ahead with a unified approach and revel in being part of a developing and dynamic industry.'

Officially supported by the Dubai Development and Investment Authority, Cityscape 2002 will feature the inaugural Cityscape Young Architect Award, to be presented at a VIP reception, hosted by EMAAR Properties - the exhibition and conference's Platinum Sponsor - at the Montgomerie Golf Club tomorrow (December 15).