Russia looks to the Middle East for help with its real estate development

The delegation - led by Evgueniy Mouravyov, vice-governor, Krasnodar Krai, one of the fastest developing property markets in Russia - intends to use the region's premier property investment and development event, to examine potential opportunities in the Middle East, as well as attract companies to invest in real estate projects in Russia.

Direct foreign investment in Russia, which has a population of 142 million, currently stands at just US$28 per head, compared with the Czech Republic, which had inward investment of US$818 per head.

"Russia is falling behind other countries in attracting foreign investors to help build its real estate infrastructure," said Mouravyov. "But there are many exciting projects in the pipeline, which businesses in the Middle East can be a part of."

A recent relaxation of stringent foreign investment laws will appeal to investors, previously deterred from entering the country because of its bureaucratic legal and financial system. Many large Russian cities have now instituted strategic long-term plans to boost investment in property and real estate development.

A large delegation of officials from Krasnodar Krai, one of Russia's southern most regions, will host a project showcase during Cityscape at the Dubai International Exhibition Centre, November 29 to December 1. The coastal area is part of Russia's so-called 'Investment Triangle', which includes Moscow and Saint Petersburg. The region has unique natural resources, all-weather seaports and comfortable residential conditions.

Russia's second city, Saint Petersburg, has also embarked on a program of urban development, with the objective of creating a favorable living, cultural and industrial environment, and integrating the city into the world economy. The government of Saint Petersburg will be exhibiting at Cityscape, with the vice governor of St. Petersburg City, Yury Molchanov, heading their delegation. Leading real estate companies from Moscow are also expected to attend to conference and exhibition.

"We have made it easier for companies from the Middle East to invest in Russian development projects," said Mouravyov. "Cityscape will enable us to reach our target audience of leading decision-makers from the Middle East's property investment and development community, and we look forward to increasing our ties with regional businesses leaders."

"Attracting foreign investment is a priority for Russia, as levels in recent years have been below that of smaller neighboring countries," said Neil Hickman, conference director, IIR, organizers of Cityscape. "The delegation will be able to share their exciting plans with senior figures from the industry, as well as look at investing in regional projects."

Over 70 speakers will attend the Cityscape 2004 Conference - the region's premier property investment and development event. Running alongside this world-class conference is the Cityscape 2004 exhibition, which this year will attract over 5,000 leading international figures from the real estate industry.