Aldar
Properties and Sorouh Real Estate, UAE's flagship
property development companies have confirmed
their participation at the International Real
Estate & Investment Show 2006 as Platinum
Sponsors.
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Other
major sponsors include Gold Sponsor Amlak
Finance, Associate Sponsors Al Qudra Holdings,
Abu Dhabi Commercial Bank, Union National
Bank, Eldiar were announced at the presss
conference held at the Beach Rotana here in
Abu Dhabi yesterday.
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The
second international property development
and investment show is to take place at the
Abu Dhabi International Exhibition Centre
from 22-25 March 2006.
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Abu
Dhabi has become a land of opportunities with
the recent developments in the real estate
front. Property developers are rolling out
mega development and re-development plans
which exceeds expectations. The new property
law announced last year establishes a sound
legal base for freehold, leasehold, and mortgage
of properties in Abu Dhabi.
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According
to a latest announcement by Abu Dhabi Chamber
of Commerce and Industry, the volume of investments
in Abu Dhabi will increase during the coming
years and will reach over AED.500 billion
by year 2010 of which the AED.280 billion
will be devoted towards real estate sector.
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In
response to the queries from the media Mr.
Ousama Ghannoum, Marketing and Communications
Director of Aldar Properties expressed hope
that by 2009 the emirate will have enough
developments to cater to the huge demand from
nationals as well expatriates. The unprecedented
economic growth and increased recognition
of Abu tourism Our debut project Al Raha Beach
consist not only residential but commercial
space as well while he pointed out at the
acute shortage of commercial and retail space
in the city.
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Mr.
Ahmed Al Yafei, Vice President-Real Estate
of Al Qudra Holdings reiterated its plan to
launch 30 companies in a variety of industrial
and investment related sectors in the year
2006 to become the primary investment face
for the emirate of Abu Dhabi and the UAE.
Who also added that the groups real estate
projects will be announced soon which will
be in line with the needs of the market and
in view of the important role the sector plays
in the country's economic growth at present.
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Mr.
Aladdin El Khudary, Senior Vice President
of Union National Bank who was present at
the press conference said his bank alone had
a AED3.5bn real estate portfolio and said
that the construction and real estate boom
has given them opportunity to fund these developments
and be part of it. 'We look forward to financing
purchases of property in Abu Dhabi in a big
way and foresee a big potential in the coming
years,' added Mr. El Khudary.
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The
show has attracted over 60 exhibitors from
the major property markets across the globe
offering properties and investment opportunities
from Australia, UK, Spain, Greece, Cyprus,
Lebanon, Bahrain, Egypt, Saudi Arabia, India,
Pakistan and the UAE informed Mr. Antoine
Georges, Director of Dome Exhibitions who
organizes the event for the second year. The
one day conference 'Abu Dhabi Property Leaders
Summit' held along with the show is a must
to attend event which will discuss the critical
and current issues of the regions property
market added Mr. Georges. The conference features
experts and top ranking officials from major
property developers and legal firms.
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The
spiraling rents in recent years in both residential
and commercial sectors will act as strong
stimulant to investors to limit their exposure
to this cost area by investing in properties
of their own. We expect over 6000 home buyers
and investors to visit the show, added Mr.
Georges.
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