Cityscape Abu Dhabi 2010 :Transparency and regulation dominate Cityscape agenda

Cityscape Abu Dhabi 2010 :Transparency and regulation dominate Cityscape agenda

“Greater transparency and improvements in the regulatory environment are set to dominate proceedings at what will be without a doubt the most comprehensive event to date on the future of the real estate investment industry in the region,” said Chris Speller, Cityscape Group Director.

In addition to the largest real estate exhibition, 162 experts from over 25 countries will be speaking at the conference which forms part of Cityscape Abu Dhabi at the Abu Dhabi National Exhibition Centre from 18-21 April 2010. Cityscape Abu Dhabi is held under the patronage of HH Sheikh Mohammed bin Zayed al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

“For the real estate investment community these have been difficult times so it is not surprising that the combined issues of transparency, regulation and project delivery are among the most important concerns as strategies are planned for the future,” Speller added.

“Those concerns will be directly addressed and have been woven into the 36 conference sessions of the conference across three days to provide both an overview of the dramatic changes that have impacted markets as well as focusing on economic recovery, policy reforms and investment opportunities regionally and globally.

“Allied to this will be a further session on how the wider Gulf Co-operation Council countries and the Middle East in general have confronted the global economic turmoil and how growth forecasts have been altered.”

From the institutional investor perspective, the key debate will be on establishing transparency and consistency in data and real estate market analytics, added Speller. “The role of institutional investors in the revival of the regional real estate industry is crucial and foreign investors in particular are looking for improvements in transparency and the regulatory framework. We will be looking at what long-term institutional investors think about Abu Dhabi and the regional markets and how to incentivise them to enter the market.”

“We will also be examining investment strategies in some detail including the viability of Middle East real estate investment trusts (REITs), including Shariah-compliant vehicles, where there is also concern over transparency.”

A recent wealth management report by Bank Sarasin of Switzerland said the lack of public data on the performance of Islamic REITs and real estate funds in general needed to be “addressed urgently if the sector is to mature.”

Other topics set to dominate at the conference are the merits of investing in emerging markets versus mature markets; maximising opportunities in distressed real estate; corporate and debt restructuring strategies; dissecting real estate boom and bust cycles in real estate to make strategic investment decisions. The conference will also examine the impact of the US stimulus package; the emerging potential of the Levant countries; Saudi Arabia, the economic powerhouse of the Middle East; opportunities in South and Latin America, Eastern Europe, Turkey and Russia; India versus China; investment and development opportunities in Africa; and the resilience of Asia in the global recession.

Among keynote speakers will be Rashed Mubarak Alhajeri, Chairman of the Department of Municipal Affairs; Mohamed Rashed Al Hameli, Director General of Abu Dhabi Chamber of Commerce and Industry; John Bullough, CEO of Aldar; John A. Thomas, Executive Director of Mubadala Real Estate and Hospitality; and Dr Nimer Basbous, Legal Adviser, HSBC Bank Middle East.

The development of the Middle East and North Africa real estate sector will be on display at the Cityscape Awards for Real Estate, marked with a gala dinner on Sunday 18 April 2010. Awards will be divided in to the main categories of architecture and development and entries are judged on their contribution to world architecture culture, invention and imagination, respect for people, the planet, context, environmental awareness and appropriateness in the region.

Headline sponsor of Cityscape Abu Dhabi 2010 is Mubadala Real Estate and Hospitality. Platinum sponsors are Al Qudra Real Estate, Al Maabar and Aldar Properties. Associate sponsor is the Abu Dhabi Department of Municipal Affairs.

Sweeping agenda at transparent 36-session Cityscape Abu Dhabi conference with 120 regional and international speakers

Open debate on future of real estate investment

Sweeping agenda at transparent 36-session Cityscape Abu Dhabi conference with 120 regional and international speakers

One of the most comprehensive and open debates yet on the future of real estate investment regionally and internationally involving more than 120 speakers from over 25 countries takes place during Cityscape Abu Dhabi, at the Abu Dhabi National Exhibition Centre from 18-21 April 2010.

“Given the dramatic changes that have impacted the global markets over the past year or more, we are planning a frank debate without restriction, presenting real estate professionals with a transparent platform to explore the real issues and challenges confronting the real estate investment industry,” said Chris Speller, Cityscape Group Director.

“The conference will have 36 sessions across three concurrent streams over three days covering a myriad of topics including the impact of the financial crisis on the real estate market; how the GCC countries have confronted the crisis; the viability of real estate investment trusts in the Middle East; and the transparency and consistency of real estate data throughout the region,” he added.

Other sessions on the extensive agenda include; comparing the performance of emerging markets with mature markets; opportunities in distressed real estate; the institutional investment market; the mortgage finance market in the United Arab Emirates; affordable housing; debt restructuring strategies; sustainable design and development; and mortgage-backed securities.

The conference will also look beyond the UAE and examine the impact of the US stimulus package; the emerging potential of the Levant countries; Saudi Arabia, the economic powerhouse of the Middle East; opportunities in South and Latin America, Eastern Europe, Turkey and Russia; India versus China; investment and development opportunities in Africa; and the resilience of Asia in the global recession.

“The Cityscape conference will, however, retain a strong emphasis on developments in the UAE capital,” said Speller. “Abu Dhabi has emerged not only as an economic hub for energy projects and infrastructure but has also developed a rich and unique cultural scene, blending Eastern and Western customs. The UAE capital is also giving priority to infrastructure in government spending for the next few years as part of a long-term development plan to achieve sustainable growth in the oil-reliant economy. Abu Dhabi, after all, is the largest economy in the UAE accounting for well over half of the country's gross domestic product,” he said.

Among the keynote speakers at the conference will be Rashed Mubarak Alhajeri, Chairman of the Department of Municipal Affairs, and Mohamed Rashed Al Hameli, Director General of Abu Dhabi Chamber of Commerce and Industry, who will be speaking on positioning Abu Dhabi as a leading global city.

John Bullough, CEO of property company Aldar, and John A. Thomas, Executive Director of Mubadala Real Estate and Hospitality, will examine new opportunities for investment and development in Abu Dhabi. Dr Nimer Basbous, Legal Adviser, HSBC Bank Middle East, will lead a forensic examination of Abu Dhabi’s regulatory framework.

The development of the Middle East and North Africa real estate sector will be on display at the Cityscape Awards for Real Estate, marked with a gala dinner attended by industry leaders on Sunday 18 April 2010. Awards will be divided in to the main categories of architecture and development and entries are judged on their contribution to world architecture culture, invention and imagination, respect for people, the planet, context, environmental awareness and appropriateness in the region.

Headline sponsor of Cityscape Abu Dhabi 2010 is Mubadala Real Estate and Hospitality. Platinum sponsors are Al Qudra Real Estate, Al Maabar and Aldar Properties. Associate sponsor is the Abu Dhabi Department of Municipal Affairs.

For more details about Cityscape Abu Dhabi and links to other Cityscape events, please visit www.cityscapeabudhabi.com


Photo caption: “Given the dramatic changes that have impacted the global markets over the past year, we are planning a frank debate without restriction, presenting real estate professionals with a transparent platform to explore the real issues and challenges confronting the real estate investment industry,” - Chris Speller, Cityscape Group Director.

Keynote presentation from Donald Trump Jnr at Cityscape Dubai 2009

Mature markets now compete with emerging markets

Keynote presentation from Donald Trump Jnr at Cityscape Dubai 2009
predicts changing world order in real estate investment


Corrections in real estate prices specifically in the more mature western markets are attracting would-be investors at the expense of many emerging markets, according to Donald Trump Junior, Executive Vice President for the Trump Organisation, during his keynote address at the Cityscape Dubai 2009 conference.

Trump went on to explain that emerging markets were not only competing with each other for a finite amount of investment funds, but they were now competing with more mature markets.

“It’s a question of risk versus reward. The potential reward for investing in mature markets has improved significantly over the last couple of years, whereas the risk has if anything reduced. On the other hand, emerging markets, whilst they still represent good reward, their risk element – transparency, regulation – is still a concern. Therefore funds that would normally have been earmarked for emerging markets are now finding their way into the more mature real estate.”

As a clear example, Trump, who was due to speak in Egypt and India after the conference, said there was still clear potential for emerging markets, but the global fall in prices meant there was more opportunity to deals in its own back-yard. “I’ve just bought a new apartment in New York which was twice the price two years ago.”

While he stressed the values that characterised Dubai’s boom – the excess, drive and momentum – were not lost in a recession, he recognised the challenges of reconciling the increased supply that’s now coming onto the market.

“Its greatest asset was its greatest liability,” he said. “But in terms of opportunity, now is the time to be looking at real estate here. When things normalise, Dubai is going to be in a lot better position than a lot of other cities.”

Trump recalled his previous visit to Cityscape Dubai in 2006, at the height of the real estate boom. “Those years went by in the blink of an eye, but we all went over the top,” said the Executive Vice President, who started out as a dock attendant and landscaping on a minimum wage in the US. “People lost track of the concept of spending, and we have to get back to basics.”

The ‘herd mentality’ of investors and speculators ‘flipping’ properties before completion had created unrealistic expectations, where developers were disappointed if they didn’t sell out units in one day. “The days of relying on 100% foreign buyers turning up with briefcases of cash are over,” he said.

Dubai has been unjustly criticised in the international media, he added, although he conceded that the city and other GCC states need to do more to increase transparency – “and not just talk about it”.

Chris Speller, Group Director of Cityscape Dubai 2009, said: “It was a thought-provoking presentation from Trump and the perfect way to open the conference. The issues he addressed, such as realism and transparency, complement perfectly with the theme of the event this year.”

For full details of Cityscape Dubai 2009 and its events, please visit: www.cityscape.ae