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No Sign of Slowdown www.cityscape-magazine.com The official show daily OCT 6 – DAY ONE $OCT 7 – DAY TWO$ OCT 8 – DAY THREE $ OCT 9 – DAY FOUR 2008 48 NO SIGN OF SLOWDOWN All roads in Dubai lead to Cityscape this week and the traffic jams were the only Contents sign of slowdown yesterday, as thousands of visitors flocked to the world’s largest B2B real estate investment event, breaking all previous day-one figures. 9 Cityscape: welcome Personal perspective on the week’s networking and awards events 10 Update: exhibitor news Latest updates from the show floor and key emerging markets 23 Focus: financial The potential impact of the 2010 GCC Currency Union 24 Line-up: conference programme Analysis and debate of the industry’s hot topics 27 Line-up: speaker profiles Leading industry experts share their market insight 34 Review: day one Round-up of action from the conference sessions and show floor 43 Focus: industry report Mazaya Real Estate Index activity report on Saudi Arabia 45 Focus: Cityscape Intelligence Jones Lang LaSalle’s MENA Investor Sentiment Survey 48 Overview: Saudi Arabia Destination market overview 53 Event: awards Winners of the 2008 Cityscape Architectural Awards 58 Focus: Oxford Business Group The 2008 exhibition and the “US bail-out already region’s leading players continued He elaborated by saying that Syria’s investment and development focus conference was officially opened feels like last year’s story.” to unveil a raft of high-profile it was important that the region’s by His Highness Sheikh Hamdan He also referenced the projects following hot on the key players educate buyers about bin Mohammed bin Rashid industry’s eternal buoyancy as heels of Nakheel’s tallest tower the changing market environment, Meraas launches Al Maktoum, Crown Prince of a key factor. “You want to be announcement yesterday. and readjust ROI expectations. Dubai and Chairman of the optimistic, it’s the business DAMAC Properties reconfirmed “But I don’t see real estate going Jumeira Gardens Executive Council of Dubai. you’re in. However, for the its confidence in the UAE market, down in value,” he commented. US$95 billion ‘city within a city’ for Dubai According to the organiser, moment there is only uncertainty, guaranteeing 40 percent rental Jonathan Garner, a global IIR Conferences & Exhibitions, and many of today’s speakers returns on its new Executive emerging markets strategist for Meraas Development, a newly launched Dubai-based real estate day one visitor figures broke will hopefully help us peer Suites project in Business Bay the UK’s Morgan Stanley was also development company, has announced the launch of its US$95 the 2007 record and there through the sand in search and Ali Kolaghassi, vice chairman upbeat, particularly about the billion Jumeira Gardens master planned community project. were a number of multi-billion of light,” said Dimbleby. and CEO of Jordan’s Saraya prospects of emerging markets, The mixed-use, freehold and leasehold development is being dollar announcements to This year’s conference sessions Holdings said that the UAE is echoing some analyst comment positioned as an integrated ‘city within a city’, with the team of launch the show including also feature an interactive “well placed to weather the that the current slump is a cyclical architects and planners tasked to devise bold designs that will help Meraas Development’s US$95 keypad for instantaneous storm and will rebound faster downturn and market structures redefine Dubai’s visual character and cityscape. billion Jumeira Gardens delegate polling on a range of than most other economies.” would emerge largely intact. Jumeira Gardens will be home to some of the city’s largest towers, master planned community. issues. The first question was which Meraas says will set standards of green building design. Veteran British broadcaster, ‘would things look brighter for Sina Al Kazim, CEO of Meraas Development, said that the project and political commentator, real estate projects within the will be “a community that enriches the lives of everyone living and Jonathan Dimbleby chaired next six months?’ A total of 53 working within its borders”. the opening Real Estate percent of delegates said there To be constructed over a 12-year phased timeline, Jumeira Leadership Strategy Summit, would be little change in the Gardens will see the redevelopment of an area north of Sheikh Zayed addressing a packed audience market but 29 percent believe Road, between Al Diyafa Street and Safa Park. of regional investors, developers that banks will curb lending. Construction of Phase 1 has already begun, and the first buildings and industry professionals. Despite industry-wide are due for handover in the fourth quarter of 2011. Final completion Commenting on the daily acknowledgement of established of Phase 1 is set for the fourth quarter of 2013. Stand PB10 changing scenario in the market issues and a slowdown Turn to page 10 for the full story global markets he said that in some emerging markets, the welcome SHOW WELCOME TO CITYSCAPE DUBAI 2008 Adrian Smith & Gordon Gill, winners at the Cityscape Architectural Awards Ken Jamieson On behalf of the exhibition and showcase got off to a flying events team, may I welcome start on Sunday 5th with the you to day two of Cityscape traditional curtain-raiser, the Dubai. As expected, yesterday Cityscape Dubai Golf Classic. was a very busy first day and This event provides the ideal we are looking forward to an opportunity for international equally rewarding second day. participants to meet and Due to the immense size of network in the friendly and the exhibition and its various informal environment that high-profile conferences, such a fun activity creates. Cityscape Dubai often Once again, the golf presents a challenge to many tournament proved to be participants and attendees a great success with over to meet and network with 120 real estate industry prospective business partners, professionals competing in industry colleagues and peers. two-player teams for a range To address this issue, my team of prizes and the accolade and I play an increasingly of being the Cityscape Dubai important role at Cityscape, Golf Champions. This year’s in creating a range of special tournament was sponsored events and activities designed by Shaikh Holdings who have to get groups of people to approached the event with great meet and network through a enthusiasm and excitement variety of different activities. to ensure that the tournament In developing a series of participants had a truly special events and activities, memorable and enjoyable day. Over the last few years the Over 850 industry professionals Cityscape Dubai have the Village, one of the inspiring what we are trying to create is a Played on the stunning Cityscape Architectural Awards from the emerging markets opportunity to not only benefit developments from the Dubai set of multi-layered experiences Dubai Creek Golf and Yacht have developed into the world’s attended to celebrate and from attending the exhibition Properties Group. Undoubtedly, designed to ensure any visitor Club course, the afternoon premier recognition vehicle acknowledge industry and various conferences, but this year will present a number or attendee of Cityscape is able competition allowed all players for the emerging markets. The figureheads who have also to network and meet future of new ideas and suggestions to network and develop future to enjoy the excitement, awards recognise excellence in surpassed the already high business associates at a variety for special events and activities business opportunities with friendly competition and architecture and design from standards of the industry. of other networking events.. for next year. By developing other visitors and attendees. camaraderie that can only be the emerging regions of the Tonight, we have the Finally, on Wednesday and integrating these new The key to success is to experienced by playing with Gulf States, the Middle East, third of our special events evening we have the Cityscape activities into the special deliver a series of memorable fellow real estate industry peers Asia, Africa, South America and and activities, the Cityscape Cultural Evening. This is a new events programme we hope to events which promote and and colleagues. A resounding South and East Asia and Latin Cocktail Reception. This event event designed specifically offer a comprehensive range encourage personal interaction success, the tournament is America. The awards seek to has been designed to bring for our international guests of special events and activities between attendees. This set to remain a key feature of recognise and reward real estate together key participants of to savour a truly authentic for all Cityscape attendees. requires detailed and careful Cityscape Dubai’s portfolio of industry professionals, projects, Cityscape for a final evening Arabic evening of fine food On behalf of my planning to ensure the range special events and activities. developments and architects of fun and excitement. Set and entertainment. Set in the colleagues, I wish you a of activities meet with the Last night, we had the that have shown outstanding in the specially designed stunning Cityscape marquee productive and rewarding aims and objectives of the second of our special events designs, performance, vision Cityscape marquee and along the Mina A’Salam hotel Cityscape Dubai 2008. profile of Cityscape attendees. and activities, the 2008 and achievement in key overlooking the stunning beachfront, this evening will When developing these Cityscape Architectural emerging market and project Burj Al Arab, this event will allow delegates to meet, Ken Jamieson events for 2008, we have tried Awards. This event is areas. The awards, and seals once again be a highlight of network and enjoy traditional Chief Xperience Officer and to place the consumer as a designed to bring together of distinction, were presented the week’s social calendar.
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