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The UAE capital’s real estate appeal is set to grow with the recent introduction of the Regulation of Real Estate Sector in Abu Dhabi, the emirate’s new property law. This much talked-about law is a key focus at this year’s Cityscape Abu Dhabi, which opens on Tuesday. Carlo Schembri, Exhibition Manager at Informa Middle East, talks about what the event has in store for exhibitors and visitors.
* What is Cityscape Abu Dhabi event’s main focus for this edition?
The new property law will be the main talking point at Cityscape Abu Dhabi. It will be discussed in detail at The Abu Dhabi Market Overview taking place on day one. The new real estate law is expected to provide a stronger foundation for inward investment that should benefit all real estate sectors.
More specifically, the law authorises the Department of Municipal Affairs (DMA) to organise and develop the real estate market of Abu Dhabi, giving the capital an official body to control the property market similar to Dubai’s Real Estate Regulatory Agency.
The DMA will be present again at this year’s event to give clarity on the implementation of the new law.
* How has the exhibition grown this year?
Cityscape Abu Dhabi is in good shape, with all of the leading developers and government entities once again confirmed to take part.
* Which countries will be exhibiting this year?
Cityscape Abu Dhabi has established itself as the UAE capital’s largest and most influential property investment and development event over the past 10 years. This has been helped by the large volume of high-net-worth individuals from the emirate who visit the event year-on-year, which then draws in developers from all over the world. The exhibition will see a majority of developers from the UAE as well as Bosnia and Herzegovina, Cyprus, Egypt, Kuwait, Mauritius, Morocco, Turkey and the UK.
* What is the mood of the exhibitors this year?
Even though market conditions have slowed down over the past 12-18 months, our visitor preregistration numbers are well up on last year’s edition. We are aware of several of the capital’s leading developers planning to launch new projects at this year’s Cityscape Abu Dhabi. In some cases, it will involve some truly groundbreaking new developments, so there certainly is a lot to look forward to for interested investors and homebuyers.
* What should one expect at the Abu Dhabi Market Overview Programme?
As a part of the 10th anniversary of the event, the Abu Dhabi Market Overview Conference, held in partnership with JLL, will return with high-profile speakers and exclusive market updates. One of our highlights is a panel composed of key government figures: Dr Abdulla Al Baloushi, Executive Director of the Land and Property Section at the DMA, Dhaher Bin Dhaher, CEO of Registration at Abu Dhabi Global Market, and Ahmed Baghoum, Director of Masdar City Free Zone. The panel will highlight the much-anticipated changes to property laws and zoning laws, as well as the creation of the world’s newest financial centre.
We are also pleased to welcome Sameh Muhtadi, CEO of Bloom Properties, who will be participating in the panel alongside Martin Berlin, Partner at Priceat-erhouseCoopers, and Ann Boothello from Dubizzle. Finally, we will close the event with a panel discussion dedicated exclusively to financial and lending trends with senior leadership from Abu Dhabi Finance, National Bank of Abu Dhabi and Abu Dhabi Commercial Bank. We are expecting hundreds of delegates to attend this year’s edition.
— H. N.
Source: Property Weekly