The second Abu Dhabi Property and Investment Exhibition (2006) opened here yesterday amid participation of over 60 local, regional and international exhibitors.

Organized by DOME Exhibitions Company, the show was inaugurated by Otaiba bin Saeed Al Otaiba, Member of the Board of Directors of the Abu Dhabi Chamber of Commerce and Industry (ADCCI) on behalf of Salah Salim Al Shamsi, Chairman of the Federation of the UAE Chamber of Commerce and Industry and Chairman of ADCCI.

Speaking to reporters shortly after inaugurating the show, Al Otaiba said the significance of the show stemmed from the fact that it was being held at a time when the country's real-estate sector is witnessing an unprecedented boom.

The show, he said, will highlight the astounding economic progress being made by the UAE, particularly in the property sector.

'The property sector is instrumental to the country's economic growth. It is projected that this sector alone will attract around Dhs.250 billion within the next five years', he said.

Asked about the role of the ADCCI property committee in boosting the real-estate sector in the Emirate of Abu Dhabi, Otaiba said the committee would play a proactive role in driving the property boom onward in the emirate. This role, he said, would be based on scientific know-how as well as on market demands. The property committee, he noted, is divided into three sub-committees, namely property promotion, property management and property brokerage

.

Otaiba , who toured various stands at the exhibition along with a number of foreign and Arab ambassadors, Chamber of Commerce Board members, Property firms' managers and senior bankers, hailed the organization of the show.

For his part Antoine Georges, Director of DOME Exhibitions, said the show was being supported by many national companies and banks. This strong support by the companies underscores the importance of the event, he said.

'This show is being held at a time when urbanization in the UAE, particularly in Abu Dhabi emirate is at its best. This bustling activity has ushered an increased demand for accommodation, shopping malls and other facilities',he said. Participating at the show alongside 60 other exhibitors are ALDAR Properties, Sorouh Real-estate, Reem Investments, Dubai Properties etc. A number of property financing institutions are also participating at the show, said Georges

'The exhibition provides an invaluable opportunity for real-estate companies to showcase their world-class designs and concepts. It is also an opportunity for investors of various categories to come face to face with fancy property projects in Abu Dhabi emirate', he explained.

''We have no doubt that International Real Estate and Investment exhibition 2006 brings both the investors and property developers under one roof. It is a specialized exhibition that has firmly carved a place in the regional and global calendar of property exhibitions'.

The second International Real Estate and Investment Exhibition will run till March 25th. The show is expected to draw a much higher visitor turnout than it was in the previous year, which saw around 4000 visitors showing up at the exhibition.

An international conference on property development will be held on the sideline in the last day of the exhibition. It will be attended by mangers of property developers, funding institutions and urban planning officials. A number of issues ranging from property legislation to investment will be discussed.