- Eng. Salwa Malhas: UAE market is showing its maturity and transperancy in the wake of the international financial crisis
Two days into the renowned Cityscape Dubai 2008 real estate exhibition, Al Mazaya Holding, a leading real estate developer in the region, predicts a positive turn for the Gulf and UAE property markets in the form of a surge in the number of projects and large transactions after the exhibition closes on 9October.
Al Mazaya has monitored the activity at the exhibition thus far, gathering statistical data regarding the number of UAE projects launched and agreements made in the course of the event. Some of these statistics have already been released in the first two days of the exhibition, and the remainder will be announced over the last two days of the exhibition.
This surge of activity in the market follows a lull that occurred due to the annual summer holidays, the holy month of Ramadan and Eid Al Fitr. In addition to the cautious calm being seen in international markets in the face of the latest financial crisis to hit US markets, which has also had an enormous global impact.
Speaking on this subject, Eng. Salwa Malhas, Executive Vice President at Al Mazaya Holding, said, "This year’s edition of Cityscape Dubai is taking place at a time when international financial markets are being plagued by one crisis after another, and it also closely follows the Eid holiday, so investors have had time to consider their options very carefully. One thing is certain, and that is the fact that the regional real estate market has had the lion’s share of the projects and big investments announced over the past two days.
"The Gulf and UAE markets have proven their maturity and a high level of transparency, which boosts investor confidence. The UAE government and its various authorities have put a great deal of effort into developing and implementing laws and regulations that protect both the developer and the consumer. This move has helped slow down speculation from small time, short term investors looking for quick profits and paved the way for big developments and sustainable growth of the regional real estate market,” added Eng. Malhas.
Malhas further mentioned that the objective of Al Mazaya''s presence at Cityscape Dubai is to further establish the company''s name and status in the market, especially since this particular exhibition is well known for fostering an extremely competitive atmosphere among industry players as they vie for clients’ trust, pressing companies to recognize and address their investors’ needs.
During its participation in Cityscape Dubai, Al Mazaya will showcase Downtown Jebel Ali and the Al Mazaya project in the Dubai Waterfront development, whose combined value totals more than $5 billion.
Al Mazaya has acquired four residential plots in Nakheel’s Waterfront development, the largest waterfront development in the world, whichwill add more than 70 kilometers to Dubai''s coastline.
Al Mazaya Holding is also developing 9 plots in Downtown Jebel Ali, which occupy two quarters of the entire development. The company is planning to build a commercial tower in quarter one, and 8 other buildings in quarter four. The first building comprises 30 storeys. It serves the commercial sector and includes 6 parking levels, while the other 8 buildings will serve the residential, office and retail sectors. Designed with the emphasis on urban spaces, there is ample room between buildings, with parks, walkways and pedestrian areas. Each quarter is a self sustained neighbourhood, and ranks among Al Mazaya’s top developments.
