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Thu 23 Oct 2008 07:42 AM

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50 UAE developers eye major Russian investment

Real estate firms to take part in first international property show in Moscow.

More than 50 UAE-based real estate developers are travelling to Moscow in a bid to attract wealthy Russian investors.

The companies, including Damac Properties, Azizi Investments and The First Group are lined up to take part in the first International Property Show Moscow 2008, next month.

The move comes as Russian investors are expected to pump $1.5 billion into the Dubai property market in 2008.

“The high potential of Russian-based investors to make large-scale investments into the booming Dubai real estate market has prompted us to bring the show to their market,” said Dawood Al Shezawi, managing director, Strategic Marketing & Exhibitions.

Russian investors are fast becoming among the biggest segment of investors and buyers in the GCC real estate market. More than 800 Russian investors have bought both commercial and residential properties in the emirate estimated at more than 700 million dirhams in the last few years.

Representatives from developers will be showcasing their portfolio of UAE projects with the aim of drawing in Russian-based investors to the emirates.

"It (the show) is a viable platform for marketing their UAE-based projects, given the outstanding appeal of the UAE to Russian investors," added Al Shezawi.

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