September 26, 2009

In an unexpected move, developers Emaar and Nakheel announced yesterday that they will participate in Cityscape 2009, retracting their earlier statements on September 17, which said they planned to give the event a miss.

In an e-mailed press statement, Emaar said: "Emaar Properties will participate in Cityscape 2009, the premier property exhibition, to be held from October 6 until 8 at the Dubai International Convention Centre.

The decision follows discussions with the various agencies involved in organising the event.

"Emaar will use the participation to explain its growth strategy of expansion by business segments and further explore new geographies, especially in the Middle East and North Africa, and the Indian Subcontinent.

"Emaar will also feature the lifestyle communities that the company is developing in Dubai and in international markets, and highlight its customer-oriented services and ownership solutions."

Meanwhile, Nakheel, announced its participation in a similar statement. The company's e-mail said that the "decision was made following discussions with various industry stakeholders, including partners and the leading event's organisers".

With the company's focus remaining on delivering units and services to existing investors and residents, the developer of projects like the Palm Jumeirah and The World in Dubai, added that it will focus on exhibiting communal properties on several of its developments that are "close to completion".

Nakheel added that it has recently completed the handover of 33 islands on The World and is scheduled to complete property handovers on a number of other developments in its portfolio. The company said it is also gearing up for the inaugural Dubai World Championship golf tournament at the Jumeirah Golf Estates in November. A spokesperson confirmed that the company is expecting a very active last quarter 2009 and is "focusing on delivering units and services to existing investors and residents".

However, on Thursday, the developer had sent a different statement. "After careful consideration, Nakheel has decided it will not participate in Cityscape Dubai 2009. The developer determined it was more prudent to focus on property handovers on several of its developments that are close to completion," said the company statement.

Similarly, Emaar Properties, which is set to merge with three government-owned property units within the next few months, said three days ago that it would not be participating in Cityscape 2009.

In a statement the developer had said that it would be concentrating on its existing portfolio and the completion of the $20 billion (Dh7.34bn) Downtown Burj Dubai project. "With the opening of the Dubai Mall and the Dubai Fountain, and Burj Dubai scheduled to open this year, Emaar's concentrated efforts are towards making the Downtown Burj Dubai community one of the best developments.

"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," the earlier statement read.

Source: Emiretes Business 24/7