Religious Tourism Fares Well At The Abu Dhabi Property Show

Exhibitors at the Abu Dhabi International Property and Investment Exhibition have clinched lucrative deals for their projects, selling around 80 per cent of the residential projects being showcased.

As the show enters its final day, UAE, GCC and international property developers reported good sales in their property projects, notably in the areas of investments, freehold and leasing.

“We are marketing two magnificent towers with a shopping mall and other amenities in Dubai. So far we have signed contracts for four floors in the second tower and we expect to clinch lucrative deals for the rest by the end of the show”, said Mahanad Al Hajwan, Senior Sales Consultant at the Dubai-based Desert Dreams Real-Estate Company.

Commenting on the clientele turnout for the Abu Dhabi Property and Investment Exhibition which is being organized by DOME Exhibitions Company, Hajwan said: “This show is very successful and clientele turnout is very good.

When we participated last year, we sold an entire 25-story tower.

This time around we are also faring well.

There is no doubt that property market in Abu Dhabi, and indeed in the UAE, is very promising. This exhibition has clearly propelled our business to new highs. I have no doubt that Abu Dhabi property market is the strongest in the Gulf”, said Hajwan..Abu Dhabi’s leading property developers, namely Aldar , Surouh, Alreem in addition to others in Sharjah and Dubai have also reported significant sales.

Ahmed Ali Al Khili, Executive Manager of the Sharjah-based Royal House said that many flats have sold out in their main towers and of Hilal and Naseem, which are being showcased at the exhibition.

“We are eying Abu Dhabi market. We are now on the process of opening our office in Abu Dhabi.”, Al Khili.

Meanwhile, this year’s show has markedly seen a strong participation and performance by real-estate companies operating in the area of religious tourism in Saudi Arabia.

A number of Saudi, Kuwaiti and GCC firms participating at the show have attracted hundreds of visitors and buyers to their stands. According to religious tourism exhibitors, there is a considerable interest in religious tourism as more and more people are buying properties in the holy lands of Makka and Madina, either for investment purposes or for their own use during their pilgrimage to the holy sites.

Abdullah Osman of the Kuwaiti property developer, MAS, said his company succeeded during the first days of the show to sell around 75 per cent of the Zamzam Tower in Makka. The flats in this tower, he said, have been sold to UAE and GCC investors on beneficial lease basis for 24 years before the project is taken over by the Saudi government. The projects owned by MAS Company in Makka are meant to offer better services to pilgrims of the holy lands.

“I can say that we have fared well at this show. The UAE market is strong and quite promising” said Osman whose company maintains 15 branches in Arab and Islamic countries.

Another Saudi company that has staged a strong performance at the Property show is Al Jazeerah Trading, whose investment portfolio stands at SR 1 billion. The company runs a chain of properties including 13 hotels in Makka and Jeddah.

“We have seized the opportunity of Abu Dhabi property exhibition to market our Ajyad Tower which is a residential unit of 1000 units, ranging from one to two bed room flats. At this show we are introducing a new leasing concept whereby flats are leased for just 10 months in a year for 20-year duration. The prices are competitive and begin from 199,000 dirhams” said Rabia Gholam, Marketing Manager of Al Jazeerah.

The clientele turnouts at the show and subsequent deals that were signed also led to a surge in the rate of property funding, according bankers.

“We have signed many property funding deals worth millions. We expect the total to touch Dhs.30 million by the end of the exhibition”, said Ahmed Ibrahim of Abu Dhabi Commercial Bank.

“The ADCB is encouraging the expansion of property developers. The scope of our property funding is open”, said Saeed Abu Laila, Property Funding Development Manager.

Ala Eddin Al Khoudheiri of the Union National Bank said the massive economic growth of the UAE makes it imperative that a lot of cash be pumped into the real-estate sector.

“With the UAE economy growing annually by 7 per cent, more money should be injected into the real-estate sector. The UNB has a property finance portfolio of Dhs.3.5 billion.”, he said.