Ending the year on a high note, Ernst & Young receives Islamic Real Estate Finance Middle East Conference Award

The Gala was held at the Legends Headquarters in Dubailand as part of the three-day Islamic Real Estate Finance Middle East Conference (IFEF ME). The Excellence in Real Estate Awards were presented by Euromoney and Islamic Conferences Group (ICG) in recognition of the achievements of international and regional firms specializing in real estate sectors and markets.

"We are excited to be on the receiving end of this award. Our success to date is a tribute to our team of experienced, highly skilled and motivated professionals and the commitment of my colleagues to deliver real estate financial services of such outstanding quality,"

said Edward Quinlan, UAE Country Partner - Ernst & Young.

Over recent years, the Middle East has been experiencing a period of rapid development, especially in the real estate and hospitality sectors. In 2005 the real estate and lodging industry continued to achieve higher growth that is partially attributed to increased liquidity from record-high oil prices as well as funds repatriated to the region from Europe and America. Another major driver for this development is the commitment of the regional governments to invest in tourism infrastructure in serious attempts aiming at diversifying their economies. Such initiatives have lead to the emergence of new tourism and business demand generators in the area, increased intra-regional travel and greater investor confidence in the region.

"This award reconfirms the positioning of Ernst & Young's Middle East Real Estate, Hospitality & Leisure Advisory Services Group as the preeminent provider of real estate services across the region. We offer a comprehensive set of value-added solutions throughout the real estate life cycle and are proud of our highly skilled team of industry professionals, whose work has proved to consistently exceed the expectations of our clients," said Mohammed Dahmash, head of Ernst & Young Middle East Real Estate, Hospitality & Leisure Advisory Services Group in the Middle East.

Ernst & Young's Middle East Real Estate, Hospitality & Leisure Advisory Group is based in Dubai and offers a range of services which include strategic tourism enhancement planning, hotel operational reviews, positioning analyses, asset management, management company selection/negotiations, capital sourcing, benchmarking, valuations, mergers and acquisitions due diligence, and market-driven feasibility studies for a variety of asset types. These include mixed-use development projects, large hotel portfolios, traditional hotels, golf courses and clubs, theme parks, vacation ownership, spas, cruise ships, airlines, retail, office, marinas and residential developments. Their services are designed to provide effective strategies for clients to minimize risk, control expenses and generally improve overall performance, which in turn can accelerate the creation of bottom-line value for any company or organization investing or operating in the real estate, hospitality and leisure sectors.