Words: Ashley Rigg
Published: 21st September 2009
UAE: Emaar, Nakheel u-turn on Cityscape pullout
Just days after stating that they would not be exhibiting at Cityscape, Dubai’s largest developers Emaar and Nakheel have u-turned, announcing that they will now participate.
"The decision follows discussions with the various agencies involved in organizing the event," Emaar said in an emailed statement Saturday. Two days earlier, Emaar said it had taken a “strategic decision” not to participate so it could focus on completing its Downtown Burj Dubai project, the world’s tallest tower.
Dubai's four-day Cityscape exhibition attracts the region's biggest property developers, contractors, interior designers and investors. It also serves as a barometer for the region's property market, which has recently been hit hard by a near 50 percent drop in prices in Dubai.
Neither company has fully explained the u-turn but it is likely that the companies were persuaded that not participating would damage confidence in the market and was not in their interests.
Bobby Sarkar, the vice president of equity research at Al Mal Capital, said the developers’ original decision to stay away from Cityscape was the right one. “They don’t really have any new products to showcase at the moment,” he said. “There’s really not a huge point to be in Cityscape if you’re not selling anything new.”
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