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Dubai launches Real Estate Road Show in Saudi Arabia

Travel News Asia Monday, 12 February 2007

The first-ever Dubai Real Estate Road Shows by the Dubai Department of Tourism and Commerce Marketing (DTCM) kicked off in Saudi Arabia with the first of the two promotional programmes at Riyadh Four Season Hotel on February 11. The second road show is due to be held at Jeddah Hilton on February 13.

The DTCM Director General, Mr. Khalid A bin Sulayem, said, “Dubai is experiencing an unprecedented property boom. In order to promote and market Dubai’s strengths as a business and investment hub, the department decided to conduct dedicated road shows for the real estate sector. The initiative will allow real estate developers and promoters to market their projects in the markets like Saudi Arabia which has high growth potential.”

The second phase of the programme will cover India, another promising market to attract investors.

The road shows are being conducted in association with the Dubai Property Group, a five-year-old not-for-profit organization with 159 members representing individuals associated with the real estate industry.

The DTCM delegation is headed by the Director Operations and Marketing, Mr. Mohammed Khamis bin Hareb, and comprised of Mr. Khalifa Ali Buamaim, DTCM Manager Overseas Promotions, Mr. Khalid bin Nassar, DTCM Executive Overseas Promotions, and Mr. Aly El Zayat, Director of DTCM Representative Office in Saudi Arabia.

The two strategic objectives of organizing the road shows are to increase awareness on facilities, infrastructure and support provided by various Dubai government departments and to increase public demand on Dubai real estate. Emaar is the co-sponsor of the road shows. 

The co-participants of the road shows are AAA Home International, ASTECO, Deyaar Development, Dubai Land Department, Dubai Properties, Dubai Property Group, Emirates Advocates, ETA Star Properties, First Gowealthy Real Estate Brokers, Golden Sun Real Estate, Madain Properties, Nakheel, Sweet Homes Real Estate and Trident International Holdings.

Dubai has been featured on the list of the 10 priciest home markets in the 2006 survey by Coldwell Banker which evaluated home prices in a total of 385 markets. 

Properties with a total value of over AED20 billion were sold in Dubai last year, according to real estate market estimates. As per a survey conducted among property executives from 315 real estate brokerages, dealerships and consultants in the emirate, around 4,000 assets with an average price of AED2.5 million were sold in 2005-2006.

Ever since the emirate of Dubai opened its property sector in 2002 it has resulted in a boom with some US$100 billion worth of real estate projects under construction or in the pipeline.

The market scene changed for better since the Dubai government published in 2006 the locations where expatriates will be able to buy property in the booming emirate. The list includes 23 areas and 45 plots including Jebel Ali, The Palm, and The World, Dubai Marina, Emirates Hills and Al Barsha areas.

See other recent news regarding: Dubai, Riyadh, Jeddah, Real Estate

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