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Confidence in fragile dubai property market being harmed by cityscape posturing

In recent days a number of key developers in the region have publicly stated that they will not be attending the event in October which has already been hit by a downturn in numbers. But then a few days later in a remarkable turnaround they have announced that they will be there afterall.

‘This is just posturing. I do not understand where these companies are coming from.

One can only imagine that they think they are getting some kind of publicity out of this but all it is doing is harming Cityscape and ultimately the level of confidence in the real estate market in Dubai,’ said a key developer who did not wish to be named.

He is furious with the likes of Emaar and Nakheel who said last week that they would not be taking part in the event and instead be concentrating on the completion and handover of projects.

‘We have taken a strategic decision not to participate in Cityscape 2009, but will evaluate our participation in Cityscape 2010 based on our objectives, strategy and announcements next year,’ Emaar said in a statement.

‘After careful consideration, Nakheel has decided it will not participate in Cityscape Dubai 2009.

The developer of iconic projects, like the Palm Jumeirah and The World in Dubai, determined it was more prudent to focus on property handovers on several of its developments that are close to completion,’ said the statement from Nakheel.

But now state owned Nakheel has said it will take part after having talks with the event organisers and various industry stakeholders.

Similarly, Emaar Properties changed its mind too.
Others point out that not attending Cityscape this year is a simple economic decision. For example, international developer Limitless has decided not to attend this year due to the global economic situation. Spokeswoman Rebecca Rees told UAE-based Emirates Business;

‘While Limitless will not be exhibiting at Cityscape Dubai 2009, we continue to support the event and will participate in the Green Day conference on October 7, where we will share our thoughts on environmental sustainability.

The decision also applies to other exhibitions at which we have previously been present.’

Organisers of Cityscape in Dubai, which attracts the biggest developers in the region and is seen is a key event in which to launch and sell projects and close multi-million dollar deals, have already admitted that they expect both the number of exhibitors and those attending to be down by up to 30% this year.