Rapid population growth driving expansion of GCC real estate market

According to the Arab Monetary Fund (AMF) the total Arab population, estimated at around 288 million at the end of 2001, is projected to rise to 315 million in 2005.

Meanwhile, rising per capita incomes in GCC countries, like the UAE (US $20,602) and Qatar ($28,140), that are among the highest in the world, are creating demand for "creative and distinct" architecture that also "preserves the heritage and real values of society" says Aqar Holdings.

As part of its strategy to create a higher regional profile, Aqar Holdings plans to showcase a number of its premier projects at Cityscape 2003, the Middle East's only international commercial architecture, property investment and development event, to be held in Dubai in October.

Among the schemes to be highlighted will be the Alharam Residential and Commercial Centre and the Old Madina project, in Al Madina Almonawwara, Alshurfah Commercial and Residential Centre, Makkah and the Sea Fronts Resort, Al Khobar.

"We see Cityscape as the right international forum to network with real estate developers throughout the Gulf, to strengthen and create new partnerships and to increase awareness of Aqar Holdings' capabilities and principles," said Khalid Al Jarallah - General Manager PR and Communications.

"Events like Cityscape can also act as a catalyst by adding value to the real estate industry in terms of creativity, experiences and incentives to develop the sector throughout the Middle East."

Aqar Holdings will be joined at Cityscape 2003, to be held at the Grand Hyatt Hotel, Dubai from October 18-21, by many of the world's leading architects, property developments and real estate companies.

Among those participating will be: Al Nakheel Group; Al Oula Real Estate Development; Alsop Architects; Assa Abloy; Behnisch & Behnisch Architects; Bernard Khoury Architects; Bonyan; Cassia Associates SAL; Convrgnt Value Engineering; Core Architects; Dewan Architects & Engineers; Dubai Development & Investment Authority; Foster and Partners; Gensler; Global Estudios; Godwin Austen Johnson Architects; Halcrow; Hyder Consulting; Hopkins and Partners; Ian Banham Associates; Jafer Tukan Architects; PHB Group; Philips Lighting; RMJM Architects & Consulting Engineers; RIKAZ; Solidere; Tabreed; Vastu Shilpa Consultants; WS Atkins & Partners Overseas and Wimberley Allison Tong and Goo.

"Cityscape 2003 will further enhance and support the vision for residential and commercial property growth in the Middle East," said Christopher Hudson, Event Director, IIR, organisers of the Cityscape 2003 exhibition and its associated Property Design, Investment and Development Conference.

"It will be an arena for discussing best practice, as well as new and innovative property development ideas, and act as a knowledge base that will educate and develop individuals within the industry."

During the event a major new series of awards honouring top architects in the Middle East, Subcontinent, Asia and Africa will be presented. The winners, in five categories, will be selected by a distinguished international jury of judges.