Real estate experts were lauding Abu Dhabi for hosting the International Real Estate and Investment Show (IREIS 2009) in the midst of the economic crisis.

It is also being hailed as a very important contribution to Abu Dhabi’s Economic Vision 2030.

The emirate plans to spend $275 billion over the next five years to enhance and develop its infrastructure and real estate projects, and to invest in the petroleum and non-petroleum sectors.

“IREIS 2009 is being held at a time when attractive opportunities are constantly surfacing in Abu Dhabi, particularly in the residential sector, due to the emirate’s financial and real estate economy,” said CEO of Cornerstone, one of the largest real estate solutions companies in the region, and a participant in IREIS 2009, Ziad Bushnaq.

Bushnaq emphasized the need for the financial market in Abu Dhabi to move quickly.

“The Abu Dhabi financial market needs an immediate boost, which can be achieved through two key factors: first, supporting main investments, which increased from five percent to 32 per cent in 2008, and accelerating them in order to increase this to 80 per cent,” he added.

The government of Abu Dhabi has launched a long-term plan, entitled ’The Abu Dhabi Economic Vision 2030’, which aims to achieve sustainable growth by attaining an annual economic growth rate of seven per cent until 2015, after which a growth rate of six percent will be maintained until 2030.

This will increase the Gross Domestic Product (GDP) five-fold, allow the economy depend less on oil, control inflation, and facilitate a 100 per cent employment rate for Abu Dhabi citizens.



Source: Trade Arabia News