VP lauds lifting of restrictions on direct sales of properties

Dubai / WAM

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday toured Cityscape Global 2017 in Dubai World Trade Centre where he was shown around the pavilions of the universal event in its 16th edition which woos impressive presence from 16 Arab and foreign countries and in excess of 300 government and non-government real estate development companies from different parts of the world.
H.H. Sheikh Mohammed initiated his tour at the Damac Pavilion where he was briefed by the company’s chairman Hussain Sajwani on the property giant’s latest developments and their costs as well as completion dates, including DamacHills which costs AED13 billion.
His Highness’ next stops included the Falcon City, a giant development sprawling over a spacious area of land, comprising high-rises, villas, man-made lakes, waterfalls and commercial towers, and Al Nakheel Pavilion where he was briefed by the company’s officials on its latest developments, including Deira Central and other key
projects.
At Meraas Holding Stall, His Highness the Vice President was briefed by the Chairman Engineer Abdulla Ahmed Al Habbai on
the company’s landmark
development Dubai Harbor.
His Highness the Prime Minister was also shown around the Dubai Airports Stand where he was briefed on the status of the 140-kilometre, four-phase Dubai World Central, scheduled for completion by the opening date of EXPO 2020 Dubai, including the expansion of Al Maktoum International Airport, which will bring the Central’s total annual capacity to 26 million
passengers.
Dubai Holding’s developments were also inspected by H.H. Sheikh Mohammed, primarily Marsa Al Arab. He was also briefed on the real estate developments of Al Diar in Abu Dhabi along with Meydan’s projects, primarily the 45 million- square metre Mohammed bin Rashid City, expected to be completed by 2020.
His Highness also toured the pavilions of Dubai Land Department and Imkan Abu Dhabi where he was introduced to its flagship project Makers District which sprawls over 54,000 square metres of land in the UAE capital.
The Bahrain Pavilion, considered the largest in this year’s edition of the global event, was also toured by His Highness along with the stalls of Abu Dhabi Financial Group which is investing in Northern London. The tour
was concluded at Azizi
Developments Stall which
showcases significant developments across the emirate of Dubai.
His Highness expressed satisfaction with the high turnout enjoyed by the global event which, he said, is a testament that the UAE economy will remain resilient thanks to investor trust in a business-friendly environment and legislation conducive to entrepreneurship for global entities and individuals alike.
His Highness lauded the lifting of restrictions on direct sales of properties by exhibitors for the first time since 2008, a move which opens up a compelling list of options for prospective buyers visiting the influential real estate event and ultimately invigorates the property market and incentivises the private sector.
His Highness welcomed the countries and companies participating in the global event which he said opens up the gate for more fruitful partnerships and enterprises between Arab and foreign investors, tapping fresh markets for UAE businesses and creating more job opportunities for youth from different parts of the world.