HE Sheikh Hamdan Bin Mubarak Al Nahyan inaugurates CONSTRUCT Abu Dhabi and Arabian Properties 2006

The events which will be on till the 5th of April, have received participation from 350 companies representing 130 exhibitors from 18 countries occupying an exhibit area of 14,500 square metres. The two events are organised by ADNEC (Abu Dhabi National Exhibitions Company).

After inaugurating the event, HE Sheikh Hamdan toured the exhibition halls and was briefed on the major developments in Abu Dhabi, Dubai, Ras Al Khaimah and elsewhere in the region. He expressed keen interest in the landmark developments from Sorouh Real Estate, Aldar Properties and other major exhibitors.

Sorouh Real Estate one of the sponsors of the event announced yesterday that the 83-storey (379 meters) Sky Tower, the highest tower ever to be built in Abu Dhabi and the fifteenth tallest residential and commercial tower according to the current world rankings, is now open for investment as part of the Gate project. The Gate project is being showcased at the ongoing CONSTRUCT Abu Dhabi and ARABIAN PROPERTIES 2006 Exhibition & Conference
Aldar Properties another major sponsor and participant at ARABIAN PROPERTIES 2006 revealed further details of its $15bn Al Raha Beach project just outside Abu Dhabi. It also launched eight different precincts with distinctive themes. The 90m sqft project will comprise more than 60 high-rise towers and house 120,000 residents with spectacular water views.
According to organisers of CONSTRUCT Abu Dhabi and ARABIAN PROPERTIES 2006 Exhibition & Conference, the value of new construction projects to be tendered to contractors in Abu Dhabi is expected to register an increase of 173% from AED 8.6 billion in 2005, to 23.12 billion this year. This trend will continue with AED 24.59 billion worth of new construction projects in 2007. CONSTRUCT Abu Dhabi is a prime opportunity for the industry to harness the potential in the rapidly expanding construction market in the UAE and beyond.

Value of all construction projects announced to date in the UAE is AED 624 billion. In 2005, the UAE dominated the Gulf construction sector with AED 130.6 billion worth of projects under construction accounting for 63.7 per cent of the total value of projects under construction in the GCC states. Saudi Arabia occupies the second slot with AED 28.9 billion, with Qatar (AED 16.88 billion) in third place followed by Kuwait (AED 12. 8 billion), Bahrain (AED 7.34 billion) and Oman (AED 5.1 billion).

ARABIAN PROPERTIES 2006 Exhibition & Conference held in parallel with CONSTRUCT Abu Dhabi focuses on the property sector and has over 45 exhibitors showcasing over a hundred projects with a combined project value of over AED 100 billion.

The featured projects include those from Abu Dhabi, Dubai, Sharjah and Ras Al Khaimah in the UAE as well as projects from Qatar, Egypt, Lebanon, Saudi Arabia, Kuwait, France, Spain, Australia, the UK, the US, Morocco, Cyprus, the Caribbean, Australia and HongKong.

The conduct of CONSTRUCT Abu Dhabi and ARABIAN PROPERTIES 2006 in parallel, have made the two events a powerful sales, networking and knowledge-gathering platform for construction industry professionals, property developers and investors.

Residential and tourism property projects unveiled in Abu Dhabi over the last 18 months have exceeded expectations. Nearly 200 billion AED worth of projects including the Al Raha Beach Development (AED 53.94 billion), Al Reem Island Development led by the Shams Abu Dhabi project by Sorouh Real Estate, the Lulu Island Island Project, the Abu Dhabi Airport Expansion (AED 24.9 billion), Mohammed Bin Zayed City (14 billion AED), Najmat Abu Dhabi (AED 30 billion) development by Reem Investments, Between The Bridges Project (AED 800 million) and The Gate Project by Abu Dhabi National Hotels among others, have been unveiled. In addition, several other projects are expected to be announced soon.

CONSTRUCT Abu Dhabi 2006 and ARABIAN PROPERTIES 2006 are supported by the Ministry of Public Works, Department of Municipalities & Agriculture and the UAE Contractor's Association. Sorouh Real Estate, Aldar Properties, Emirates Iron & Steel Factory and the National Bank of Abu Dhabi are the main sponsors of the events.