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Developers in the UAE are preparing to launch a number of new property developments over the next few days as Cityscape Global kicked off in Dubai on Tuesday.
The event, now in its 15th year, runs till September 8 at the Dubai World Trade Centre and brings together around 272 exhibitors from 30 countries.
Cityscape was inaugurated by His Highness Shaikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
He was joined by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai, and Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai.
Some of Dubai's largest developers have already announced their latest projects that they will be showcasing at Cityscape. These include Emaar Properties, which on Monday announced a joint venture with Dubai south to create as many as 15,000 homes in Emaar South. Additionally, Emaar will be unveiling The Tower at Dubai Creek Harbour.
Nakheel also announced on Monday the Palm 360, a twin-tower hotel and residential project with penthouses and apartments for sale located on the Palm's western crescent. The project, which is expected to touch a height of 220 metres, should be delivered in mid-2020.
Other developers at Cityscape global include Al Habtoor Group, Bloom Properties, Damac Properties, Deyaar, Dubai South, Eagle Hills, Majid Al Futtaim, Meraas Holding, and Union Properties, among others.
The new launches comes despite softening demand across the UAE as investor sentiment weakens on the back of lower oil prices and slower economic growth. Some are starting to turn bullish on Dubai, however, as they hope the market is now bottoming out after seeing rental and sales declines over 2015 and 2016.
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Source: Sarah Diaa, Staff Reporter, gulfnews.com