100,000 small residential units foreseen in Abu Dhabi in 5 years

'We are racing against time. The future of the property sector in Abu Dhabi is so promising that property developers may not cope with the increasing demand for residential units, shopping malls and many other facilities. Studies indicate that demand for small units alone will rise to around 100,000 units within the next five years', said Saeed Al Mullah, Business Manager of Surouh Real estate , an Abu Dhabi-based property developer.

Al Mullah who was speaking on the sideline of the exhibition added that there are many factors driving the rapid growth of the real-estate sector, and indeed other sectors in Abu Dhabi emirate. One of these factors, he said, is that Abu Dhabi will soon witness a remarkable growth in its economy and investment with the setting up of 30 industrial clusters spread across more than 300 square kilometers of land in Abu Dhabi within the next seven years.

The clusters will include metal, chemical and petrochemicals, food processing industries, construction and building materials, wood and furniture, oil and gas services and automobiles.
Al Mullah also cited the efforts of the Abu Dhabi Tourism Authority, saying that massive promotional efforts that have been made have attracted massive investments.

'This exhibition is the first property show to be organized after the government of Abu Dhabi issued the property law. The timing is therefore perfect and the show will definitely serve the promotional and marketing objectives of real-estate developers',

he said.

On the participation of his company at the show, he said Surouh views its participation as a great booster to its major projects, some of which are being unveiled for potential investors for the time.

'Surouh,' he said, 'is also planning several projects in the emirate, including the development of residential, commercial and recreational properties on Al Reem island.
For his part, Mohammed bin Hamdan of ALDAR Properties PJSC, a premier real estate development and investment company in Abu Dhabi, hailed the opportunity availed by the exhibition as invaluable, noting that greater importance is attached to the show by property developers and investors alike.'

'Investors have come from all corners of the world to explore opportunities for investing in property developments projects that are being showcased by UAE property developers. We have had, so far, visitors and investors from the GCC region, India, France and Britain. Some of them have actually booked residential units in the projects of ALDAR. Others have offered to cooperate with ALDAR in its Abu Dhabi projects', he said.

Bin Hamdan hailed exhibition as well-organized and appealing to the property business community, not only in the region but also around the world.

Asked about ALDAR projects which are being showcased, Bin Hamdan said the company currently has a multi billion extensive development portfolio underway embracing major residential, commercial, leisure and hospitality schemes in Abu Dhabi and Al Ain.

But at this show, he added, we are promoting fascinating recreational and residential projects on the Western side of the Abu Dhabi Island. These include a 161-room world-class five-star hotel, in addition to 59 villas. The total cost of these projects is Dhs.200 million. ALDAR's flagship development is the redevelopment of the Central Market along Khalifa and Hamdan streets in the UAE capital, under a 50-year concession awarded by the Abu Dhabi government. This site will be transformed into a Town Centre and high rise CBD destination, focused around specialty retail outlets, cultural attractions, a traditional Arab souk and transport hub for the city of Abu Dhabi. Construction work stared in 2005 and will be completed over a period of three to four years.

The International Real Estate & Investment Show which will run until March 25th is being organized by DOME Exhibitions. Over 60 local, regional and international exhibitors are participating at the show. The exhibition attracted hundreds of visitors in its second day. Last year, the show attracted around 4,000 visitors and this time, the turnout is expected to be much higher.

Many exhibitors hailed the show as well organized and are upbeat that it is already serving their commercial and promotional objectives. An international conference on real estate will open on Saturday 25 on the sideline of the show. The conference will be attended by property developers, urbanization planners, decision makers and property financing institutions.