World comes to Dubai seeking answers

Cityscape Dubai to explore how best to survive and prepare for the recovery in a still rapidly changing economic environment

The world of real estate investment is to descend on the United Arab Emirates this autumn to seek solutions from what some have referred to as the first great depression of the 21st century, say the organisers of the Cityscape Dubai.

“With reduced liquidity and many projects on hold, investors, developers, architects, indeed the entire real estate industry around the world, is looking for answers to the same questions,” said Chris Speller, Cityscape Group Director. “How do we survive the recession? When can we expect stabilisation? When will the banks start lending again? When will the crisis turn into an opportunity?”

Cityscape Dubai, now in its eighth year and part of the largest business-to-business real estate investment and development brand in the world, encompasses a major exhibition and a series of conferences taking place at the Dubai International Exhibition and Convention Centre from 5-8 October 2009.

“With the radical worldwide economic shakeout, attention has firmly turned onto realistic perspectives on the real estate investment landscape both globally and regionally,” Speller added. “Thousands of participants from more than 100 countries throughout the world have already registered to attend. They are serious players searching for specific answers, which is why Cityscape Dubai 2009 is embracing realism and transparency.”

Among them are companies such as ING Real Estate Investment Management of Hong Kong. Richard T.G. Price, CEO Asia, said: “It is more important than ever to get first hand insights from our clients and partners as to their objectives and expectations for the real estate markets around the world.”

Similarly, Jesper Koll, President and CEO of Tantallon Research, Japan, said: “We all want to know when the global crisis will turn into an opportunity. Cityscape Dubai is poised to help us find a solution.”

Kosta Petrov, Director of the Cityscape Dubai conference and the World Architecture Congress that runs in parallel, said this year’s event – while still the world’s largest real estate show of its kind – would not be about “out of this world” creations.

“Last year saw the beginning of what is being referred to by some economists as the first great depression of the 21st century,” he added. “With liquidity issues and many project developments still on pause, this year is about how best to survive and prepare for the recovery in a still rapidly changing economic environment. In terms of potential new business opportunities, Cityscape Dubai - as the world’s largest real estate show - has no global equivalent.”

Petrov said the Cityscape Dubai conference will bring together “some of the most powerful investors, developers and economists on the planet.” Meanwhile, the World Architecture Congress (5-7 October 2009) has been put together in association with Continental Europe, Hong Kong, Japan and UK chapters and the International Committee of the American Institute of Architects. “The world’s most respected visionaries will share their experience and outlook in a global recession,” he added.

In addition, the Cityscape Dubai Facilities and Asset Management Conference is on 4 – 8 October attracting delegates in the design, build and post-occupancy of buildings. There will also be a Cityscape Dubai “Green Day” on 7 October which will include green communities, green construction methods, energy saving issues, financing green buildings, regulations, facilities management, whole life costs and new materials and products.

For more information about Cityscape Dubai 2009, please visit www.cityscape.ae

India gets realty check from Gulf investors

3rd Nov 2008 - Gulf property majors shun India’s
economic indicators and dig-in for the long haul - India’s real estate market estimated to grow to $60 billion by 2010

Despite the current economic downturn, India’s real estate is said to be worth about $16 billion and is estimated to post annual growth rate of 30 per cent to reach $60 billion by 2010 according to research outfit ‘Çityscape Intelligence’.

As a consequence a large contingent of regional real estate investors and developers are poised to descend on Cityscape India to further their long term ambitions in the sub-continent.

Graham Wood, Exhibition Director for Cityscape India said, “The internal demand for commercial and residential real estate in India is undeniable. The investment climate may be difficult but developers will benefit from lower land prices, lower material and labour costs. Providing that the finance is in place, many developments may be approaching completion after the downturn has bottomed-out.”

Dubai-based Limitless is confident about the long term prospects of India’s real estate sector. "India is currently facing a shortage of some 21 million homes, and more than 300 million people are expected to migrate to urban areas over the next 20 years. At Cityscape India, we will showcase 11 global projects including Bidadi -- our proposed 4,000 hectare mixed-use development near Bangalore -- which will house around 750,000 people," said Saeed Ahmed Saeed, CEO of Limitless.

In addition Mohamed Binbrek, Group Chief Executive Officer of Dubai Properties recently confirmed that the company hopes to expand its development projects into India. He went to say that whether the scheme would be residential, commercial or mixed-use, the project would be funded by the firm itself.

Dubai-based real estate developer Majid Al Futtaim (MAL) has announced it is investigating India ‘a market to be in’ as a possible region for investment and development. Younis Al Mulla, MAL business development officer, said that the firm was looking to enter a joint venture with a local firm to help it build a mixture of residential and commercial real estate in the country.

The investment arm of Ras al-Khaimah also plans a $5 billion business centre at Hyderabad. Ras Al Khaimah Investment Authority (RAKIA), which manages funds of the emirate, part of the United Arab Emirates, said recently it had signed an initial agreement with Andra Pradesh Industrial Infrastructure Corp to set up Hyderabad Economic City, which will offer financial and healthcare services. Indeed demand for affordable housing is an issue that Kumari Selja Minister of State (Independent Charge) for Ministry of Housing and Urban Poverty Alleviation will address during the opening of the Cityscape India Conference.

“With 70% of India’s 1.2 billion people categorized as lower class, the demand for affordable housing is immense and potentially the long term returns for investors and developers is colossal,” said Wood.

This year’s Cityscape India, which is due to take place at the Bombay Exhibition Centre on 8-10 December 2008 will host major real estate players such as RAK properties, Dubai Investments, Tanmiyat, Gulf Finance House and Limitless.

In total Cityscape India is set to welcome more than 7,000 participants from around the world. "In addition, leveraging its relationships in the global investment market place, Cityscape will reach out to over 350,000 senior decision makers seeking to invest in one of the world’s fastest growing economies," added Wood.

Another highlight this year will be two parallel conferences, ‘Infrastructure Finance & Investment’ and ’Retail City Summit Day’. Notable participants include the Trump Organisation of the United States, Al Futtaim Group Real Estate, UAE, Merrill Lynch, India and Ansal API Group, India.

Platinum sponsors of Cityscape India 2008 are Limitless a Dubai World company and Soundlines, a diversified company with offices in UAE, Saudi Arabia, Qatar, India, Nepal and Bangladesh. Leading real estate and investment company Tanmiyat are the Gold sponsors.