Dubai International Financial Centre Authority (DIFC Authority) partnered with international powerhouses Taylor Wessing, HSBC and CBRE to host an event that:
• Compared and contrasted Dubai’s real estate market in 2007 and 2015;
• Discussed the impact of EXPO 2020;
• Compared asset classes and what lenders will finance;
• Explained security structures, lender protections and enforcement; and
• Gave examples of how the region can learn from real estate cycles experienced in the rest of the world.
The session, moderated by Richard Dean – presenter of The Business Breakfast on Dubai Eye 103.8 FM, included some of the region’s leading industry experts who have played important roles in the progression and recovery of the real estate sector during from the last property downturn:
• Habib Ullah – Head of Banking, Taylor Wessing (Middle East) LLP
• Andy Armstrong – Global Head of Real Estate, HSBC
• Simon Townsend – Strategic Consultancy, CBRE
In attendance were some of the region’s most prominent lenders, financial instructions and property companies who provided in-depth analysis planning the future and understand the challenges ahead in Dubai’s real estate sector.
Habib Ullah, head of banking at international law firm Taylor Wessing explained, “Taylor Wessing, HSBC and CBRE thought that this was an opportune time to hold this event, not only to celebrate how the region has successfully navigated the global recession but also how organisations involved in real estate can effectively plan and prosper in the future. Notwithstanding the current state of the real estate market, the UAE has shown itself to be a sophisticated and resilient real estate market and with the added impetus of Expo 2020 the road ahead looks positive.”
Brett Schafer, CEO, DIFC Properties said, “Dubai has evolved into a well-connected business and financial hub that links the Middle East to the rest of the world. Advances in tourism and trade, as well as the maturity achieved by the real estate have directly influenced this meteoric growth that has been further compounded by the emirate’s successful bid to host the Expo 2020. The mega trade fair is expected to create nearly 300,000 jobs (40% of them permanent) and attract 25 million unique visitors. There is no doubt that this outcome will create increased activity in the real estate sector – both commercial and residential. DIFC Authority is pleased to offer its support to the presenters of this event in their positive efforts in clarifying investors queries and offering the expertise.”
Simon Townsend, Director of Strategic Consultancy, CBRE MENA commented, “Real estate is always a much talked about asset class and by bringing together experts from their respective fields, we can address concerns and clear up queries that investors may have about local, regional or international real estate markets”