Dar Al Arkan, Saudi Arabia's leading real estate company herald their participation at Cityscape 2005 at gala dinner

    Dumped value of 'ID':
'67879';

Dumped value of 'images_loop':
[
    {
        'caption' => 'Mr. Steve Forbes, the globally renowned publisher of Forbes Magazine.',
        'col' => 'picture',
        'name' => 'forbes.jpg',
        'url' => '/7/17637-forbes.jpg'
    }
];

The reception, which was attended by Dar Al Arkan's senior management including Chairman Mr. Yousef Al-Shelash also featured Mr. Steve Forbes, the globally renowned publisher of Forbes Magazine as guest speaker.

The dinner was attended by 200 of Dubai's most senior executives, ambassadors and VIP's. Guests were treated to a gourmet three course dinner and were entertained by both Steve Forbes and Majid Al Sayed Bader Al Refai, CEO of Unicorn Investment Bank and a pioneer of Islamic Finance.

Forbes discussed the importance of housing solutions for the region and reflected on the global economy commenting 'Despite all the problems, the global economy overall is doing well and should continue to expand vigorously next year and in the years ahead.'

When considering the regional real estate sector he added, 'Dar Al Arkan has demonstrated not only extraordinary growth but also a spirit of entrepreneurial innovation, expanding opportunities for the emerging middle class to enjoy the benefit of home ownership.'

Dar Al Arkan who announced plans to build 65,000 new homes in Saudi Arabia over the next five years cited their objective of providing housing solutions for the local population. Renowned for their large inner city developments such as Al Qasr, the group considers the real estate sector has a serious role to play in the economic and social development of the region.

Eng. Saud Al-Gsayer CEO of Dar Al Arkan continued; 'Dar Al Arkan currently plays a key role in the real estate market and we pride ourselves on our standards. Our objectives are not purely commercial, we endeavor to add value through our developments, providing comprehensive services and developing new communities. This strategic approach gives the real estate sector an important role to play in society - a responsibility we would like to see the real estate sector embrace as a whole.'

Majid Al Sayed Bader Al Refai the second guest speaker for the evening demonstrated his advanced understanding of the financial situation in the Middle East and addressed the implications of accessible capital and its subsequent impact on the real estate sector.

During his speech entitled 'Securitization, unleashing the hidden capital' he commented,

'The next big move for the GCC is to unlock capital to support the development of infrastructure and build capital markets. Not only would this enhance consumer finance but it would also provide a new avenue for investment. MBS (mortgage backed security), in particular will be the backbone that develops the capital market as proven in other developed capital markets. Unicorn looks forward to implementing this new strategic direction in the regional marketplace with Shariaa compliant financial vehicles.'

Dar Al Arkan Real Estate Development Company are Platinum Sponsors of Cityscape 2005 and are attending the event with the objective of developing their reputation regionally whilst also providing an effective means of meeting influential players in the industry.

Dar Al Arkan will be exhibiting at Cityscape 2005 in Hall 6 stand number 631.