ABN AMRO hosts 'Hi- Tea' event for its Van Gogh Preferred Banking Clients

The select gathering was addressed by Adel Al Shirawi, Chief Executive Officer, of leading home finance company Tamweel who spoke on the 'Current state and future prospects of the UAE property market'.

Mr. Shirawi gave an overview of the GCC property market in general and the UAE in particular with special reference to the booming real estate sector in Dubai. Citing official figures he said that according to market research in early '04, the property market in the GCC and the UAE was valued in 2004 at $90 billion and $30 billion respectively. He hinted that these figures have increased manifold ever since. Mr. Shirawi also said that the figures for the UAE excluded some of Dubai's prized properties like The Palm, Business Bay, Waterfront, etc.

In his address to ABN AMRO's Van Gogh Preferred Banking clients at the exclusive 'Hi-Tea' event., Mr. Adel Al Shirawi made a comparative analysis of the UAE property market dynamics vis-à-vis the international real estate sector. He pointed that the UAE and Dubai in particular scored over the other on most parameters like highly favorable politico-economic climate, sustained appreciation in value & rentals, higher returns on investment, tax benefits, lifestyle themed properties that appeal to a variety of investing segments etc.

Mr. Adel Al Shirawi warned that the sole obstacle towards retaining Dubai's unique ability to attract businesses worldwide was inflation. He remarked that incidentally it was real estate at present that was the chief source of inflation in the Emirate. In the property sector, he said that demand continued to outstrip supply and on a positive note should supply catch up with the growing demand, rentals will be rationalized and thereby control inflation.

Mr. Adel Al Shirawi fielded numerous queries from the ABN AMRO gathering which were mostly on property rights, guarantees and rentals.

In response to the issue of arbitrary rental hikes, he mentioned that in future, building and resident associations will have greater say and will be able to leverage that position in negotiating with the management of the building and the properties.

This is the third in the series of the Hi-Tea events hosted by ABN AMRO for the benefit of their Van Gogh Preferred Banking clients. Previous speakers at ABN AMRO's 'Hi Tea' included Mark Mobius, former Joint Chairman, World Bank. The Hi-Tea concept aims at providing clients an interactive platform to address topics of common interest.

The Van Gogh Preferred Banking service, launched in the UAE in January 2002, includes a dedicated personal Relationship Manager who offers in-depth knowledge about customers' relationships with the bank. The innovative service is in tune with the bank's commitment to providing enhanced service levels and tailored financial solution to the varied needs of its clients. Van Gogh Preferred Banking clients are entitled to numerous benefits and privileges including complete financial planning assistance, access to an exclusive and private "Van Gogh Preferred Banking lounge" and special invitations to exclusive events.