Sheikh Hamdan officially kicks off Cityscape

RIBBON CUTTING: Sheikh Hamdan (pictured) has officially opened Cityscape Dubai 2008. (ITP Images)

Dubai’s crown prince opened the Middle East’s largest real estate expo on Monday morning, kicking off the four-day conference at the Dubai International Exhibition Centre.

Surrounded by crowds of officials, exhibitors and media, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum cut a ceremonial ribbon to officially open Cityscape Dubai 2008.

After the opening ceremony Sheikh Hamdan, wearing a pale yellow dishdash, toured the exhibition, which this year features more than 1,000 exhibitors.

His first stop was at the Meydan Racecourse stand where he was shown a model by one of his officials. 

Organisers will be hoping this year’s event will give the real estate market in the UAE, and in particular Dubai, a psychological boost.

Cityscape opens at a time of turmoil in the region’s stock markets, negative forecasts for Dubai’s real estate market and an ongoing corruption probe that has seen several high-profile business figures arrested.

Sunday saw real estate stocks tank in Dubai and Abu Dhabi, with Emaar Properties posting its sharpest one-day decline in at least two years, and UAE markets extended losses on Monday.

Dubai's benchmark slid 6.86 percent to 3,844 points on Sunday. Shares of Emaar Properties plunged 12.26 percent and Arabtec Holding tumbled 14.4 percent.

Abu Dhabi's benchmark declined 4.72 percent to 3,769 points with Aldar and Sorouh falling 9.16 percent and 9.26 percent respectively.

Among the speakers on Cityscape Dubai's opening day a former London mayor, Ken Livingstone and British writer and broadcaster Jonathan Dimbleby.

Organisers say the four-day event, which takes place at the Dubai International Convention and Exhibition Centre, is expected to attract record numbers.

Conferences across the event will include the Real Estate Leadership Strategy Summit, The International Real Estate Investment and Development Conference and The World Architecture Congress.

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