
The Middle East real estate industry received a massive Dh100 billion ($27.3 billion) boost from Cityscape 2005 – the Middle East's premier international property investment and development event – which recorded more than 20,000 visitors.
The show attracted a total of 300 exhibitors from 51 countries around the world.
Real estate developers exhibiting at Cityscape 2005 signed Dh76 billion worth of projects prior to the three-day exhibition, which covered 11,000 sq m at Dubai International Exhibition Centre last month.
Deals announced during the event bring the total to more than Dh100 billion, with Saudi companies alone reporting Dh25 billion worth of business.
Among the key Dubai announcements were Al Sharq Development's Dh7 billion Aqua Dunya theme park resort in Dubailand (see UAE Focus page 26), its Dh551 million 70-storey tower on Shaikh Zayed Road and a hotel and residence on the crescent of The Palm, Jumeirah. Tanmiyat Investments Group chose Cityscape 2005 to launch residential units at its Dh7.3 billion investment, Legends, Dubailand (see page 34).
The first residential tower to be built at Dubai International Financial Centre (DIFC) was also unveiled during the event. The deal for the construction of the Dh500 million Sky Gardens was signed at the show by Arabtec and First Dubai for Real Estate Development.
Cityscape 2005 was also the platform for Nakheel’s launch of the prestigious Jumeirah Golf Estates in Dubai and Bonyan Emirates’ announcement of the mixed-use Elite Tower at Business Bay.
“The dramatic impact of Cityscape 2005 on property developments elsewhere in the UAE was highlighted by the swift sale of more than 50 per cent of Sharjah’s Nujoom Islands Island 1 within a few hours of the exhibition’s opening on September 17, says a spokesman for the organiser (see page 29).
Among the major Abu Dhabi announcements at Cityscape 2005 was Sorouh Real Estate's appointment of Arquitectonica and Aedas as lead design architects for different components of its Shams Abu Dhabi project on Al Reem Island (see page 30).
Bahrain’s Al Areen Holding Company announced three key deals with investors from the UAE, Bahrain and Kuwait for its Dh2.7 billion mixed-use Al Areen project while Gulf Finance House and Kuwait Finance and Investment Company announced the Royal Village component of the Dh3.6 billion Royal Metropolis project in Amman, Jordan (see page 13).
Cityscape also saw the announcement by Dubai-based real estate company Asteco of its first project in Jordan, the opulent mixed-use Saraya Aqaba development on the Red Sea.
“Cityscape has become the main platform for major real estate announcements that not only impact the UAE and GCC markets, but also the wider Middle East,” said Cityscape 2005 project director Franck Dailles. “With more than Dh100 billion worth of projects announced at the show, a record 300 exhibitors from 51 countries, and record attendance figures reaching 17,000 people in the first two days, Cityscape has truly come of age.”
Emaar Properties, Dar Al Arkan, Nakheel, Rikaz, Galadari Investment Office and Dubai Properties were platinum sponsors for Cityscape 2005, which was organised by IIR Middle East. Gold sponsors included The Commercial Real Estate Company, Saraya Jordan and Al Hanoo Holding Company.
The three-day exhibition and conference attracted industry professionals such as investors, property developers, architects and designers. A series of industry conferences were held throughout, and the winners of the Cityscape Architectural Review Awards were announced at an exclusive gala dinner event.