(MENAFN - Khaleej Times) Cityscape Global, the prestigious annual showcase of the world's real estate sector, opened on Tuesday at the Dubai International Convention and Exhibition Centre amid upbeat expectations about the imminent resurgence of the property sector across the globe.
Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, inaugurated the three-day event, seen by many as key indicator of the real estate industry's present and future trends.
The 11th edition of the show lined up leading developers and builders from within the region and outside of it.
Property developers and sellers expect the annual event to give a major fillip to revive the lacklustre sector from the downturn.
"We have seen the worst in the wake of the recession. The real estate sector is waiting to get the right stimulus to bounce back from the sluggishness. We expect to see that happening every soon. Some of the mega project announcements we witnessed today underline this new optimism," said the spokesman of a leading property consultancy company. The opening day witnessed major project launches and announcements from developers including Meydan Group, Emaar, Al Futtaim, Dubai Properties Group, Sobha Group and Turkey's Agaoglu. Shaikh Maktoum toured the exhibition visiting the stands of the major developers from Dubai, Abu Dhabi, Qatar, Iraq, Turkey and Russia. Drawing visitors' special attention was Barwa Real Estate, the Qatari-based developer behind some of the Gulf country's mega developments, such as Barwa City, the 1.35 million sqm mixed-use development, and the 1.9 billion Barwa Commercial Avenue.
Eng Hussain Nasser Lootah, director-general of Dubai Municipality, made opening remarks at the opening ceremony.
Wouter Molman, Cityscape Global exhibition director, said the build-up to this year's edition of the event has been highly anticipated. "We have been working hard to prepare for what will be one of the most successful editions yet."
"Having grown by 50 per cent from last year, we look forward to welcoming more than 20,000 participants over the next three days as exhibitors, visitors, and delegates look to foster tighter business relationships and stay tuned to the latest trends of the global real estate market," he said.
Other major international exhibitors taking part this year at Cityscape Global at dedicated country pavilions include the Ministry of Construction and Housing in Iraq (Iraq Pavilion), Tata Housing Development Company (India Pavilion) and the United Development Company (Qatar Pavilion).
Meydan Group announced the launch of a brand new tower on Shaikh Zayed Road, offering residential, commercial and leisure options in the heart of Dubai.
The vertical community offering is the Dubai developer's first outside of Meydan City, and will include office and retail spaces, a hotel and serviced hotel apartments, private sky gardens, a restaurant and nightclub, an indoor running track, several infinity pools and a tennis court.
Damac Properties is showcasing its serviced hotel apartment offering and the brand new Suites & Spa service at Cityscape Global.
Other major UAE developers taking part this year at Cityscape Global include Foundation Sponsors Emaar Properties, Dubai Properties Group and Nakheel, while Meraas, Falconcity of Wonders and the Tourism Development and Investment Company are also out in force.
Cityscape Global 2012 also features the Cityscape Awards for Emerging Markets today.
By Issac John