Cornerstone showcases portfolio of projects at IPS 2009

IPS 2009 is being held from 15 to 17 February 2009 at the Dubai International Convention and Exhibition Centre, and this year features 150 participating companies from 20 countries, including the UK, Thailand, Spain, Malaysia, South Africa, the USA, Bulgaria, Pakistan, Cyprus, Egypt, Kuwait, Turkey and the UAE.

Cornerstone Properties, one of the region's largest providers of integral real estate solutions, began its participation in the show by showcasing a portfolio of high-profile projects under development by master developers, including Falcon Crest and Dynasty Towers by Rakaa Properties, The Beach Towers by Al Badie Group, Atlantis Towers by Dhafir, and Juman Towers by Tamouh, all located at Al Reem Island, as well as the Ain Al Fayda project, developed by Al Qudra Real Estate, in the emirate of Al Ain. Cornerstone also presented projects in Amman, Jordan, including the Avenue project at Al Abdali, Amman; Madaen Al Shorouq at King Abdullah city, North of Amman; and the Seascape Villa complex at Al Aqaba.

Cornerstone CEO, Ziad Bushnaq, said of his company's participation in IPS 2009: "IPS is a very important exhibition in the regional real estate market, and also one of the largest, and we feel it is important that high-profile companies participate in the exhibition. This show of faith will have a very positive effect on the regional property sector, and will definitely help to boost confidence in the real estate sector. The participation of top companies from so many countries around the world is also a good sign, and we are confident that the property market in the region will not take long to pick itself up and get moving again, albeit at a slightly more subdued pace."

The UAE government is striving to overcome the effects of the global financial crisis by providing a proper amount of liquidity to ensure an investment comeback to the capital market. Furthermore, the announcement of the new budget for 2009 has opened up new windows for investment, as the new budget featured no taxes, no fees and elevated salary values. The budget has increased by 21%, or Dhs7.3bn, from last year's Dhs34.9bn to Dhs42.2bn. For the fourth consecutive year, the budget puts forth revenue at 8%, exceeding the 7% expenditure.

The development of the country's infrastructure is still a priority, as can be seen from the 24% increase in the amount allocated for infrastructural development - Dhs2.1bn, which represents 6% of the total budget.