Middle East property development boom hits USD 150 b

It is to be provided by International Property Investment (IPI) which will bring together developers, investors and financiers from Europe and Asia, as well as the key decision makers in the Middle East.

IPI will run in conjunction with Cityscape 2004, the Middle East's only dedicated exhibition for the international commercial architecture and property development sectors. They are being staged November 29 - December 1 2004 at the Dubai International Exhibition Centre.

IPI is being unveiled at arguably the most exciting period of development in property investment and development in the Gulf Co-operation Council (GCC) countries' history.
Latest figures reveal (US) $150 billion is being spent on development in the GCC at the moment.

Like Cityscape, IPI is being organised by IIR Exhibitions Dubai. Project Manager Neil Hickman says: "The phenomenal growth in the property industry is set to continue across the spectrum of the industry in the GCC States.

"IPI is set to provide a much-needed platform for those looking to source inward investment from the GCC region and those looking to invest in what is clearly one of the most vibrant property markets in the world. It is also the ideal networking opportunity for architects and designers looking to work in the Middle East market.

"IPI will offer the complete value chain of the property development cycle, from design and construction through to sourcing of investment and final development.It will be the most conducive networking environment ever facilitated for the industry in the region," says Hickman.

The potential for new projects, sustainability and attracting international investors would underscore IPI.

Many regional projects, breathtaking in their enormity and vision, are acting as magnets to the international real estate industry. They include the $150m development of Jeddah Corniche, $750m on Jeddah International Airport, $1.6b development of Dubai Festival City, $2.5 billion for the Dubai airport expansion, and Dubai's stunning Palm Island and the world's tallest tower.

And in Qatar, there is the $138m Umm Jalid Island Resort and the billion-dollar development for the 2006 Asian Games, which will be the first time the event has been staged in the Middle East. Bahrain, basking in the success of the recent Formula One Grand Prix, is moving quickly with its $1b Financial City.

IPI also comes as regulations ease throughout much the GCC of foreign ownership of property.

Cityscape and IPI 2004 will together occupy 5,760sq m of exhibition space at the Dubai International Exhibition Centre. Hickman says that combined with a world-class conference and the 2004 Cityscape Architectural Awards, the event will offer the "ideal platform" for promoting large-scale regional and international real estate opportunities.

Cityscape is one of the major success stories of the region's trade show scene. It made its debut in 2002, occupying only 500 sqm, doubled its size for 2003 when more than 2,000 industry professionals attended and its space requirement has swelled five times for 2004.

"As well as being extremely well organised and marketed, Cityscape has provided our company with an excellent opportunity to meet with a number of potential investors," Steve Williamson, client manager, Lynton Property Investment, said at the last Cityscape.