UAE hosts 'Arab Real Estate Environment Post Global Economic Downturn' ConferencePress Release14 Mar 2011 09:00 am
Under the Patronage of Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum
UAE hosts ‘Arab Real Estate Environment Post Global Economic Downturn’ Conference
- Over 400 multi-national experts to discuss investment opportunities in the Arab real estate
- Overview of investment strategies post global financial crisis
- Assessing the benefits of establishing a mortgage guarantee system
Under the Patronage of His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC, the United Arab Emirates will host the 3rd Arab Real Estate & Urban Development Conference on March 16 and 17 at the Grand Hyatt Hotel in Dubai. The Conference is organised by Dubai Land Department and its regulatory arm, Real Estate Regulatory Agency (‘RERA’) in collaboration with the Arab Administrative Development Organisation (Arado), part of the League of Arab State and the Dubai International Financial Centre (‘DIFC’).
Under the theme “Arab Real Estate Environment Post Global Economic Downturn”, the conference programme has 30 speakers, representing most of the Arab countries, who will discuss current issues of investment, finance, and valuation, and the role they play in the development and sustainability of the Arab real estate industry. Over 400 Arab and international experts are expected to participate in the conference this year.
The two-day conference will examine in detail the current state of the real estate sector, the opportunities and challenges facing the sector following the global financial crisis, and the importance of innovation in all related aspects including regulations, appraisals, mortgages, investment vehicles, management strategies and implementation.
HE Sultan Butti Bin Mejren, Director General, Dubai Land Department, said:
“Hosting this conference reflects the UAE’s ongoing commitment to harness its local expertise and efforts to consolidate and enhance the effectiveness of joint Arab endeavours as well as knowledge sharing amongst Arab countries in all matters related to real estate development and investment. The importance of this conference comes from its agenda that differs from previous conferences and focuses on issues facing the sector post global economic downturn. The Dubai Land Department is proud to be a proactive supporter of this conference and looks forward to the in-depth debates which will shed light on the opportunities available in the sector despite the current challenges.
“The Arab real estate market possesses strong unrivalled fundamentals. It is one of the youngest among international markets, and has a greater ability to recover from the repercussions of the global crisis, due to its abundance of human and natural resources”.
Dr. Refat Abdelhalim Al Faouri, Director General, Arab Administrative Development Organization, expressed his confidence in the success of the 3rd conference due to the region’s unprecedented drive and focus to protect Arab economies, particularly the real estate markets, from the ripple effects of poor performance of international markets.
“Real estate remains an attractive investment during all market cycles,” he said. “In a boom market, investors benefit from the profit generated by the increased real estate market activity, while during a downturn, real estate acts as a safer investment with higher recovery tendencies when compared to other investment options.”
Dr. Al Faouri further emphasised the importance of this year’s conference which will provide a platform to analyse the genuine state of the Arab real estate environment and consult on new initiatives that can revive the sector. “We hope the conference will help construct new forms of partnerships currently needed in the Arab region,” he added.
The conference programme includes multiple sessions dedicated to initiatives to develop mortgage markets in the Arab world including an initiative to introduce mortgage guarantee insurance. These sessions will be moderated by Dr. Nasser Saidi, Chief Economist and Head of External Relations of the DIFC Authority and Executive Director of Hawkamah.
“The sustained recovery of the real estate sector is essential for revival of growth in the region, where underlying economic fundamentals and demographics are positive. One of the elements necessary to medium & long-term recovery of the sector is the reform and development of housing finance,” he said. “Stimulating the real estate market is vital and I will be discussing in depth the mechanics of developing the mortgage market and a mortgage guarantee system which I feel will provide incentives to banks and mortgage providers to resume lending and help reactivate normal lending practices for home buyers.”
Conference participants represent all stakeholders and relevant industry specialists from various Arab countries, including key investors, developers, organisations and Arab government bodies involved in the development, design and construction of real estate projects.