Cityscape 2004 showcases Middle East property and investment opportunities

The region's dynamic real estate and property market, valued at US$150 billion, has attracted 160 international exhibitors, with sold exhibition space up by 400 percent on last year. Architects, urban planners and investment experts from the US, Europe, the Middle East and Far East will take part in the show, highlighting the exciting developments in the property sector.

"We have created a platform for regional developers looking to secure investment in their projects, and the opportunity for leading players in the industry to discuss the latest issues that confront them," said Neil Hickman, project director, Cityscape, IIR Middle East.

"Every year the quality and number of participants at Cityscape increases, demonstrating the growing significance of the Middle East as a center for property investment and architectural excellence."

The United Nations Conference on Trade and Development (UNCTAD) recently reported that the Arab world achieved its highest level of foreign direct investment in 2003, with 21 nations receiving a total of US$8.62 billion, an increase of 60 per cent on 2002.

The UAE was ranked 17th among the top 100 countries as an attractive place to invest, while 14 of 22 Arab states featured in the list, according to the UNCTAD World Investment Report. In the Gulf region, foreign direct investment increased by 64 per cent in 2003 to US$1.81 billion.

"There is clearly a desire from businesses outside the Middle East to invest in exciting developments planned for this region," said Hickman. "Whether its Bahrain, Qatar, Saudi Arabia or the UAE - all have interesting plans for future property development."

Cityscape 2004 has attracted a record number of overseas delegations looking to either invest in the region, or seek financing backing for projects in their own countries. Jordan, Lebanon, Russia and Saudi Arabia will be represented at senior government levels during the show at the Dubai International Exhibition Centre, 29 November to 1 December.

The highlight of this year's event will be the Cityscape Architectural Review Awards - "Design for an Emerging World". A panel of world-renowned architects judged over 240 entries of buildings that have either been completed or are future projects. Winners of the seven categories will be announced during a glittering gala reception at Nad Al Sheba on November 29.

"The Middle East property market is going through an exciting transformation, with some of the most interesting and exciting plans for developments anywhere in the world," added Hickman.