The ninth edition of Cityscape Abu Dhabi has been officially inaugurated by HH Sheikh Hazza bin Zayed Al Nahyan, National Security Advisor and Vice Chairman of the Executive Council of Abu Dhabi.
Taking place until 23 April at the Abu Dhabi National Exhibition Centre (ADNEC), the event is the UAE capital's largest and most influential property investment showcase, welcoming more than 130 international and regional developers spanning 18,000sqm of exhibition space.
The three-day event is held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Wouter Molman, Director Cityscape Group, said, "All indications in the run up to the show were pointing towards an incredibly busy, profitable opening day and the turnout from international investors has been impressive.
"Growing the sold exhibition space by 15 per cent from last year, we look forward to welcoming more than 17,000 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."
The Abu Dhabi Market Overview Forum took place for the second-year running on the opening day. Jointly organised with JLL and supported by Masdar City, the half-day conference revealed Q1 real estate figures for 2015 and featured a group of leading experts who discussed how to create sustainable economic growth in the capital.
David Dudley, Regional Director and Head of Abu Dhabi Office, JLL said: "Abu Dhabi is making very sound progress against the objectives of the 2030 Vision in developing a world class city offering and in diversifying the economy. Further progress is required on the regulatory framework but the new laws are close to being implemented this year.
"Overall, market conditions remain stable. While a reduction in government spending linked to the decline in oil prices may slow down the pace of demand growth in the short-term, demand growth is still continuing, supply is relatively contained and market conditions are generally positive."
Reinforcing the sustained investor confidence in the local market, all major UAE developers have a commanding presence at Cityscape Abu Dhabi this year, including Aldar Properties, Wahat Al Zaweya, Tamouh, Mubadala, Bloom Properties, Masdar, Al Qudra, Eagle Hills, Tourism and Development Investment Company (TDIC) and Reem Developers all showcasing their latest projects to potential regional and international investors.
Ejadah Asset Management is also looking to address the sustainability of Abu Dhabi's real estate market. Billy Daly, Chief Executive Officer, Ejadah Asset Management Group, said: "Abu Dhabi is a core market for us in the region and has witnessed continuous steady growth in recent years.
"In fact, we chose Abu Dhabi as the location to open our second office in the UAE last year in order to meet the increasing demand for world-class integrated community services in the rapidly expanding real estate sector.
"Cityscape Abu Dhabi is widely regarded as the premier real estate exhibition in the Emirate and we are proud to be participating as an Official VIP Sponsor for the second year running. We look forward to meeting key industry stakeholders from across the globe and showcasing our wide range of comprehensive community solutions."
While all the big local players are out in force at Cityscape Abu Dhabi this year, international representation is also strong, with exhibitors coming from Cayman Islands, Egypt, Jordan, Lebanon, Kuwait, Latvia, Nigeria, Portugal, Serbia, Thailand, United Kingdom and United States.