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Developer upbeat on Abu Dhabi retail prospects

Huge demand exists in Abu Dhabi for a major growth in shopping malls, a leading developer has claimed.

Charles Acworth, director research and head of commercial leasing for Aldar, described Abu Dhabi as becoming “the location of choice in the Middle East” for retailers in comments made to the first Cityscape Connect business breakfast.
As an example of the growth potential of the Abu Dhabi mall market, he said that at weekends up to 30 percent of vehicles in the car parks of two major malls in Dubai were from Abu Dhabi, adding he was “very, very confident” about the retail prospects for the UAE capital.

He was similarly upbeat about both the hotel and residential sectors.

Although some “reworking” was taking place there was still an undersupply of residential property for end user occupiers and he saw that need extending for five years or more.

More than 150 real estate and development experts took part in the business breakfast called to explore the challenges facing the market ahead of Cityscape Abu Dhabi taking place from April 19-22.

Rohan Marwaha, managing director of Cityscape, said: “The global economic crisis has cast a shadow over the real estate industry, changing market dynamics and growth prospects. This is the first of a series of business breakfasts designed to stimulate networking and transparency on the key issues.”

He said this year’s event was going to be 30 percent bigger than the 2008 show with a 48 percent increase in advance registration of visitors.

On the residential market, Gurit Singh, chief property development officer of Sorouh, predicted stability should return to the rental market in about a year, dependent on developers delivering new properties currently under construction.

Common challenges identified at the breakfast were the need to find finance for new developments and laws to cover both investors and developers.

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