Friday, 18 September 2009

Emaar, Nakheel both no shows at 2009 Cityscape

Neither Emaar nor Nakheel will be attending Cityscape this year.  A spokesperson for Emaar said the companies wish to "concentrate on the completion and handover of projects."  However, back in the real world there's speculation that both companies wish to avoid the prospect of crowds of irate investors arriving to question company reps.  Without Emaar or Nakheel why bother even having Cityscape at all?  Last year's Cityscape in Abu Dhabi which was held after the redundancies had begun in Dubai, was poorly attended except by company salespeople talking to each other.
Source: ArabianBusiness 17 September 09
Photo of one of the Cityscape models Dubai 2008

Dubai real estate giants Emaar and Nakheel revealed on Thursday they would not be taking part in Cityscape this year.
The developers said they would forego the massive business-to-business real estate investment event, which attracts thousands of visitors every year, to concentrate on the completion and handover of projects amid a sharp downturn.
“Emaar's focus continues to be on completion of the projects in Dubai and internationally. With the opening of The Dubai Mall and The Dubai Fountain and Burj Dubai scheduled to open this year, Emaar's concentrated efforts are towards making the Downtown Burj Dubai community one of the best developments,” a spokesman for Emaar said in a statement sent to Arabian Business.
“As such we have taken a strategic decision not to participate in Cityscape 2009, but will evaluate our participation in Cityscape 2010 based on our objectives, strategy and announcements next year,” the company added.
A spokesman for Nakheel, the state controlled private developer, said: "After careful consideration, Nakheel has decided it will not participate in Cityscape Dubai 2009. The developer of iconic projects, like the Palm Jumeirah and The World in Dubai, determined it was more prudent to focus on property handovers on several of its developments that are close to completion."
Cityscape in Dubai attracts the biggest developers in the region and is seen is a key event in which to launch and sell projects and close multi-million dollar deals.
Last month Arabian Business reported that visitor and exhibitor numbers would be 30 per cent down on last year, when the event drew record crowds.

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