01 November 2010

CITYSCAPE Global 2010 concluded last month amidst a wave of optimism from investors after a spell of positive economic indicators since the Dubai World debt restructuring was completed earlier in September.

The real estate investment and development show, which has thrown the spotlight on global emerging markets, ran from October 4 to 7 at the Dubai World Trade Centre in Dubai, UAE.

Cityscape CEO Rohan Marwaha was positive about the event although exhibition space was reduced by about 10 to 15 per cent compared to the 2009 event. This year saw the launch of the newly-branded Cityscape Global which focused on international emerging markets. The event, which marked its ninth year, has evolved from Cityscape Dubai to incorporate the increase in international participation and included more than 200 exhibitors showcasing properties from the UAE, Saudi Arabia, Egypt and Jordan, among other places.

Sentiment on the exhibition floor matched that of the organisers and speakers. Fernando Fischmann, creator and owner of Crystal Lagoons Corporation, which is developing the largest lagoon in the world in Egypt said: “Irrespective of the Dubai government bond, I’m confident that Dubai and the wider region will come back.”

Crystal Lagoons ended a successful week at Cityscape Global by signing an $800-million contract to build a six-hectare lagoon in Amby Valley in Mumbai, India. In all, the company said it clinched orders worth $1.7 billion from companies in Oman, Turkey and India at Cityscape Global.

Dubai Properties Group (DPG), a member of Dubai Holding, said it received an overwhelming response as visitors acknowledged its diverse range of developments and the quality of offerings. During the event, the developer announced the completion and handover of four major projects in the coming year including Bay Avenue, Remraam and the first JBR Beach Club. In addition, The Villa Phase Two will be handed over by the year-end, taking the total number of developments in the market from DPG to 20.

Dubai Investments Real Estate Company (DIRC), the real estate arm of Dubai Investments, showcased Ritaj, Phase Two, which will soon be ready for handover. The mega residential complex, located in Dubai Investments Park (DIP), has a built-up area of 2.58 million sq ft and features a total of 2,024 apartments across 11 residential blocks, spread over two development phases. The initial handover of Phase One was completed early this year and the second (and final) phase will be delivered by end of this month.

In addition, the Cityscape Global conference attracted some of the leading minds from the international and regional real estate industry including CB Richard Ellis (CBRE) Capital.

Ethan Penner, the president of CB Richard Ellis (CBRE) Capital and executive managing director of CBRE Investors Asia and Asia Pacific said investors looking to park funds in commercial real estate are likely to increasing turn their attention to emerging economies in the Middle East, South East Asia and Asia-Pacific.

Meanwhile, upcoming master developments, residential communities and leisure facilities with a focus on sustainable design topped their categories at the Cityscape Awards for Architecture in the Emerging Markets.

The winners in the Gulf included:
• Commercial/Mixed-use Built: the Burj Khalifa tower, Dubai, UAE (Skidmore, Owings & Merrill);
• Leisure Future: King Abdullah International Gardens, Riyadh, Saudi Arabia (Barton Willmore International);
• Special Award – Islamic Architecture: King Abdullah Financial Centre Mosque, Riyadh, Saudi Arabia (FX Fowle);
• Special Award – Cultural Heritage: Dubai Municipality, Dubai, UAE; and
• Special Award – Industry Choice Award: Zayed University, Abu Dhabi, UAE (Bothe Richter Teherani).

• Saudi Build confirms kingdom as hotspot
• Memex introduces Woodworker zone
• Cityscape closes on optimistic note
• Update
• Industry forum to visualise future
• Steel-framed buildings in focus
• Intersec aims to secure Mideast market
• Regional infrastructure in focus
• Affordable homes ‘vital’

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