Nakheel showcases projects at global real estate summit in Paris

Travel News Asia 14 September 2004

Nakheel, the developers behind some of the most iconic projects in Dubai such as The Palm and The World, has taken part at the GRI Summit 2004, organised by the Global Real Estate Institute, a pan-European conference organiser for the real estate industry, in Paris, France from September 13-14, 2004.

The role of Nakheel in promoting Dubai as a premiere real estate investment and tourism destination in the Middle East region was showcased at the annual summit, that has attracted senior leaders, significant investors, lenders, owners and developers of real estate from all over the world.

Wahid Attalla, Executive Director of Commercial and Operations, Nakheel said: "The real estate sector in the Middle East has seen a dramatic upturn due to some landmark developments being undertaken in the region. Dubai is the first city in the GCC region to capitalise on the relation between real estate development and tourism by conceiving and building iconic projects that not only fulfil the growing need for real estate due to an increase in commercial trade activity, but also serve as innovative tourist destinations. We are delighted to have showcased our projects in Dubai, as well as our expertise and experience with other leading names in the international real estate business at the GRI Summit."

At the Summit, Attalla addressed leading developers, managers, lawyers, hoteliers and experts in the real estate and tourism industry from Europe and North America about the iconic projects of Nakheel, like The Palm Jebel Ali, The Palm Jumeirah and The World and their significance in the tourism industry in Dubai. Many attendees at the Summit were clearly astonished by the sheer magnitude of the developments and acknowledged the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and UAE Defence Minister, the inspiration behind these landmark developments.

Attalla also dwelt upon Nakheel's expertise in developing property in Dubai and about the investment opportunities in the Emirate. In addition, he briefed the attendees on the general outlook of property market in Dubai and the level of the partnership between public and private sector entities in the sustained development of Dubai. He also shared with Summit attendees, his insights into the potential of the tourism sector in the Emirate.

During his presentation, Attalla remarked: "The tourism industry in Dubai is currently flourishing due to the implementation of a well-planned strategy and key infrastructure developments undertaken by the Emirate. An estimated 5.3 million tourists visited Dubai in 2003 owing to major sporting and tourism events such as The Dubai Desert Classic, Dubai Tennis Championships, Dubai World Cup, the International Rugby Sevens, Dubai Shopping Festival and the Dubai Summer Surprises which cater to people from all walks of life from around the world. In addition, Dubai is the leading destination in the Middle East for specialist exhibitions and trade fairs and a world-class conference venue for events such as the annual meetings of Board of Governors of the World Bank Group and the International Monetary Fund."

"The government is pursuing an aggressive strategy to position Dubai as a leading tourism destination in the Middle East region, by making substantial investment in that sector, in addition to opening up the property market by enabling expatriates and foreign nationals to own property in Dubai," added Attalla. "Dubai's strategic location, pristine beaches, year round sunshine, unique shopping experience, numerous activities and the cosmopolitan feel to the place, makes it an ideal touristic destination in the Middle East."

"Most of Nakheel's signature developments, The Palm Jumeirah, The Palm Jebel Ali, included tourism anchors and have generated a great deal of interest from investors and developers across the world who have declared their intent to develop key attractions," said Attalla.

In addition to superb residential sectors with unique elevation and interiors that have redefined water front property, Nakheel, through The World, has created opportunities where select investors can choose to own an island that resembles a country, and build exclusive amenities to take advantage of a distinctive water front living experience.

"Nakheel's projects cater to the different needs of the real estate industry, be it residential, commercial, retail, hospitality, tourism or maritime sectors. Our projects have changed the face of Dubai. By synergising our core competency in developing audacious projects with that of the potential of tourism in the Emirate we have been successful in creating some of the most exclusive and coveted pieces of real estate developments in the world," added Attalla.

Nakheel's participation at the GRI Summit centred on the curtain raiser event, the Pre Summit Group Discussion, which set the agenda for the industry in the coming year. The Pre Summit Group Discussion was run by leading real estate industry players and decision makers who gathered to address the real issues and opportunities affecting their sector. Wahid Attalla, Nakheel's spokesman for the summit joined more than 150 distinguished speakers from around the world at the GRI Summit 2004.

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