Sponsors give big boost to Abu Dhabi Real Estate & Investment Show

Other major sponsors include Gold Sponsor Amlak Finance, Associate Sponsors Al Qudra Holdings, Abu Dhabi Commercial Bank, Union National Bank, Eldiar were announced at the presss conference held at the Beach Rotana here in Abu Dhabi yesterday.

The second international property development and investment show is to take place at the Abu Dhabi International Exhibition Centre from 22-25 March 2006.

Abu Dhabi has become a land of opportunities with the recent developments in the real estate front. Property developers are rolling out mega development and re-development plans which exceeds expectations. The new property law announced last year establishes a sound legal base for freehold, leasehold, and mortgage of properties in Abu Dhabi.

According to a latest announcement by Abu Dhabi Chamber of Commerce and Industry, the volume of investments in Abu Dhabi will increase during the coming years and will reach over AED.500 billion by year 2010 of which the AED.280 billion will be devoted towards real estate sector.

In response to the queries from the media Mr. Ousama Ghannoum, Marketing and Communications Director of Aldar Properties expressed hope that by 2009 the emirate will have enough developments to cater to the huge demand from nationals as well expatriates. The unprecedented economic growth and increased recognition of Abu tourism Our debut project Al Raha Beach consist not only residential but commercial space as well while he pointed out at the acute shortage of commercial and retail space in the city.

Mr. Ahmed Al Yafei, Vice President-Real Estate of Al Qudra Holdings reiterated its plan to launch 30 companies in a variety of industrial and investment related sectors in the year 2006 to become the primary investment face for the emirate of Abu Dhabi and the UAE. Who also added that the groups real estate projects will be announced soon which will be in line with the needs of the market and in view of the important role the sector plays in the country's economic growth at present.

Mr. Aladdin El Khudary, Senior Vice President of Union National Bank who was present at the press conference said his bank alone had a AED3.5bn real estate portfolio and said that the construction and real estate boom has given them opportunity to fund these developments and be part of it. "We look forward to financing purchases of property in Abu Dhabi in a big way and foresee a big potential in the coming years," added Mr. El Khudary.

The show has attracted over 60 exhibitors from the major property markets across the globe offering properties and investment opportunities from Australia, UK, Spain, Greece, Cyprus, Lebanon, Bahrain, Egypt, Saudi Arabia, India, Pakistan and the UAE informed Mr. Antoine Georges, Director of Dome Exhibitions who organizes the event for the second year. The one day conference 'Abu Dhabi Property Leaders Summit' held along with the show is a must to attend event which will discuss the critical and current issues of the regions property market added Mr. Georges. The conference features experts and top ranking officials from major property developers and legal firms.

The spiraling rents in recent years in both residential and commercial sectors will act as strong stimulant to investors to limit their exposure to this cost area by investing in properties of their own. We expect over 6000 home buyers and investors to visit the show, added Mr. Georges.