Cityscape's growth 'testament to UAE economy's resilience'

The massive turnout at Cityscape Global is a testament that the UAE economy will remain resilient thanks to investor trust in a business-friendly environment and legislation conducive to entrepreneurship for global entities and individuals alike, remarked UAE Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. He was speaking to the media after touring the Cityscape Global 2017 expo in Dubai World Trade Centre yesterday (September 12). Sheikh Mohammed was shown around the pavilions of the global event in its 16th edition which attracts an impressive presence from 16 Arab and foreign countries and in excess of 300 government and non-government real estate development companies from different parts of the world, reported state news agency Wam. He made a brief stopover at the Damac Pavilion where the company’s chairman Hussain Sajwani explained the property group’s latest developments and their costs as well as completion dates, including the Damac Hills which is estimated to cost Dh13 billion ($3.54 billion). He was also briefed on Falcon City, a giant development comprising high-rises, villas, man-made lakes, waterfalls and commercial towers, said the Wam report. At Nakheel's pavilion, the officials showcased their latest developments, including Deira Central and other key projects and updated him on the projects. At Meraas' stall, he was briefed by the chairman Abdulla Ahmed Al Habbai on the company’s landmark development Dubai Harbour. Sheikh Mohammed was also shown around the Dubai Airports stand where he was briefed on the status of the 140-km, four-phase Dubai World Central (DWC), scheduled for completion ahead of Expo 2020 Dubai, including the expansion of Al Maktoum International Airport, which will bring DWC’s total annual capacity to 26 million passengers, said the Wam report. Dubai Holding’s developments were also inspected by Sheikh Mohammed, primarily Marsa Al Arab. He was also briefed on the real estate developments of Al Diar in Abu Dhabi along with Meydan’s projects, primarily the 45-million-sq-m Mohammed bin Rashid City, expected to be completed by 2020. His Highness also toured the pavilions of Dubai Land Department and Imkan Abu Dhabi where he was introduced to its flagship project Makers District which sprawls over 54,000 sq m of land in the UAE capital. He also visited the Bahrain Pavilion, said to be the largest in this year’s edition of the global event, and was updated on the various projects including Bahrain Bay, a $2.5-billion waterfront district; Diyar Al Muharraq, a progressive urban development including the iconic Dragon City; Durrat Al Bahrain, a hallmark island city; Canal View, canalside living at its finest in the heart of Dilmunia; and Bahrain Marina, a trendy waterfront development in the heart of Manama. Welcoming the countries and companies at the global event, Sheikh Mohammed said: "This opens up the gate for more fruitful partnerships and enterprises between Arab and foreign investors, tapping fresh markets for UAE businesses and creating more job opportunities for youth from different parts of the world." He also lauded the exhibitors for their decision to lift restrictions on direct sales of properties for the first time since 2008, a move which opens up a compelling list of options for prospective buyers visiting the influential real estate event and ultimately invigorates the property market and incentivises the private sector.