Cityscape Abu Dhabi predictions remain mixed

'We are certainly not seeing a lack of enthusiasm for Cityscape Abu Dhabi from exhibitors,' says Marwaha.

He added that exhibitors have already booked 40,000 square metres of space.

'This is up 31% compared with last year at this stage and we are more than pleased with this level of support in today's difficult economic times.'

His claims come at a time when the property market in Dubai is suffering from large price falls and liquidity issues, problems which experts predict are likely to overflow into neighbouring areas.

The Abu Dhabi market has been identified by many regional experts as the most promising of all the property segments in the region, but it too has been affected by the downturn.

Ronald Hinchey, partner at property advisory firm, Cluttons, is wary of the organisers' optimism. 'It seems only natural that the organisers of the Cityscape Property Exhibitions [should] feel somewhat apprehensive - despite their press reports to the contrary - given the current uncertainty in the global and local property industries,' he told AME Info.

'Face-saving show'

He warns that floor space sales and prospective attendance figures may not be an accurate barometer of market intent. 'There are many previous exhibitors who consider they should be seen at Cityscape despite the costs involved, simply as a 'face saving' show of 'we are still in business and looking forward to better times',' he posits.

'The major players in the market across both Emirates will almost certainly be at Cityscape; they would be conspicuous by their absence by not being there.'

Responding to these claims, Marwaha names a number of key exhibitors for the forthcoming show which contradicts Hinchey's claim: 'Cityscape Abu Dhabi has the support and sponsorship of some of the region's biggest players, including: Mubadala Real Estate and Hospitality, Aldar, Sorouh Real Estate, Al Qudra Real Estate, The Land Holding, Qatari Diar Real Estate Investment Company, Burooj Properties, Abu Dhabi Investment House, the Abu Dhabi Department of Municipal Affairs, Tameer, Al Maabar, Aqaba and HSBC.'

Hinchey's predictions make room for this: 'The major agents will no doubt be there again, perhaps with smaller stands. Small and medium sized developers with their only, or major projects cancelled or on hold will probably not participate, however we may see a few 'dispute resolution' consultants appear at the events.'

The main indicator success is usually visitor numbers. Hinchey points out that, 'The big question is, will visitor numbers be at previous volumes and if not, by how much will they be down?'

Networking opportunity

He adds that they may be superficially inflated by industry actors attending to gauge the wider market.

'Given the 'degree of uncertainty' facing the property industry, the 'degree of curiosity ' as to what others are up to will be at record high levels.

'The opportunity to network with others in the same situation will be irresistible and perhaps even therapeutic. No doubt the coffee shops at Cityscape will be doing a roaring trade, let's hope with not too many long faces,' he says.

By contrast, Marwaha remains bullish about the show's prospects: 'We've received the odd cancellation here and there,' he admits, 'but 95% of the companies that we've spoken to in the last couple of weeks have indicated that there's no danger of them pulling out. They remain very positive about the long-term prospects of the industry.'

'If your existing investors come to a Cityscape show and you're not present, it says a lot to the market. It says you don't believe in your product or your brand. Investors need assurances that their investments are still, over the long term, going to be profitable.

'There are many reasons why people attend business events such as Cityscape Abu Dhabi. While the world is experiencing an economic slowdown, exhibitors and visitors will be attending because it is a leading international showcase for opportunities now and in the future, regardless of the state of the local market at the time.

'Their marketing budgets have been cut, but that means they will refocus their attention on marketing activities that offer true value and that they get a firm benefit from.

'A lot of deals will be conducted at Cityscape, there's no question. There are still projects on sale, and I believe there is business and capital available, but obviously to a much lesser extent,' he concludes.

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