Abu Dhabi Real Estate & Investment Show 2009 to open Tuesday

"IREIS 2009 is of special importance because it is the first major real estate show to be held after the aggravation of the global financial crisis and its economic repercussions worldwide," said Antoine Georges, Dome Exhibitions Director. He confirmed the participation of around 100 companies from 10 countries and said that the area was expanded by 25 per cent.

He noted that more than 50,000 invitations had been sent out to property developers, real estate brokers, banks, financing establishments and other relevant institutions and personalities to attend this big event.

"Dome Exhibitions, realizing the sensitive global economic situation and the real estate markets in the region, is organizing a seminar in which several property experts, representatives of brokerage firms and other concerned organizations will highlight the latest developments in the real estate sector in the region and worldwide," George said.

George pointed out in his answer to a question around the reason for choosing this timing for the event that IREIS 2009 is organised annually and the decision to hold this event was taken in early 2008.

Speaking about the UAE, George noted that its economy remains strong, referring to measures taken by the Central Bank and the Federal Government to ensure enough liquidity to banks to allow them to function normally and limit the effects of the global financial crisis.

George said real estate companies in the UAE are pressing ahead with their projects and that there was no announcement about shelving of any project. "These companies have secured funding for their clients through the financing companies they have created in Abu Dhabi and other emirates," he said.

According to George, the organization of IREIS 2009 at this time is extremely important as it will "reassure" investors who would like to re-enter the market. "There is an even better opportunity now to invest in new property amidst indications that prices will decline and the economies of the UAE and other Gulf countries will still grow in 2009 at a time when other economies will either record zero growth or even contract," he said.

George expressed thanks for the sponsors of IREIS 2009, including Tameer, the platinum sponsor, Plus Properties and Real 21, the gold sponsors, as well as Sorouh and Falconcity of Wonders.

George Chehwane, Chairman of Plus Properties said: "The Abu Dhabi real estate market has seen tremendous growth in the last three years and continues to do so at a steady pace. It's also reassuring to see that the government of the UAE is taking serious measures to deal with the current financial downturn and this is giving investors and businesses an incentive for continued growth."

"2009 will be a year for regulations and market correction and this will be the case mainly for Dubai where most of our projects are being built. We are confident that once the correction has been made the market will emerge in better shape enabling sustained growth for a sufficient period of time." Said Chehwane.

In another statement, Shawqi Kurkumaz, Director of Real 21 for real estate brokerage, said the market is gaining momentum amidst positive signals about the UAE economy. He expected demand to continue growing on the grounds property supply still falls short of the strong demand and economy of the UAE.