One of Dubai's leading property investment and development events is to become biannual from 2007, with a second show taking place in Abu Dhabi.
Together Cityscape Dubai and Cityscape Abu Dhabi will seek to promote investment opportunities in the UAE, capitalising on the vast potential for growth in the region's property market.
He Ahmad Humaid Al Mazrouie, director general of the Abu Dhabi National Exhibition Centre (ADNEC), explained that Abu Dhabi already received around $4 billion a year in foreign direct investment (FDI), which Cityscape would only serve to increase. Over $270 billion in new construction projects are already planned for the future.
Overseas investment in Abu Dhabi has benefited from new property ownership laws that came into effect last year, with several large projects launched recently and finance packages offered by banks such as Abu Dhabi Islamic Bank.
One such project is Aldar Properties' $14.7 billion Al Raha Beach project, spanning a staggering 218 islands. Aldar marketing and communications director, Ousama Ghannoum, told AME Info the firm gave Cityscape Abu Dhabi its "full support". "It will enable Abu Dhabi to showcase major projects to the entire region and beyond," he said.
In addition to Cityscape Dubai, Cityscape Abu Dhabi will join Cityscape Asia, held in Singapore, and Cityscape China in Shanghai.
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Carol McDonald