Three-day IREIS attracts thousands of visitors at the latest real estate exhibition and conference
Abu Dhabi Investment Office (ADIO) is currently overseeing the development of projects worth Dh3-5 billion, a top official announced at the International Real Estate Investment Show (IREIS) 2018 that took off at the Abu Dhabi National Exhibition Centre (ADNOC).
These include Dh350 million worth of investment in three hotel and marina projects in Mirfa as well as Dh150 million worth of three hotel and resort projects in Delma Island – where private sector is developing the projects, under the guidance of ADIO.
“ADIO is working closely with the private sector of the UAE and international investors to invest in master-planned projects in Abu Dhabi and we are currently helping the prove sector investors in implementing a number of projects across the emirate of Abu Dhabi,” Mohammed Al Hosani, Advisor to ADIO, told the delegates at the Abu Dhabi Investment Conference, part of the IREIS 2018 exhibition and conference.
“These include three hotels and resorts at Delma Island, three hotels and a marina at Mirfa and hotels in Gayathi and Madinat Zayed cities. In total the value of these projects undertaken by the private sector would be between Dh3-5 billion.”
He said, ADIO has also floated tender for 7 mixed use projects with Abu Dhabi Sports Council to develop sports-inspired mixed-use projects.
“These are under a public-private partnership (PPP) arrangement in coordination with Abu Dhabi Sports Council where the private sectors will develop the projects for the client,” Al Hosani said. “The tender has been floated and the bid closing deadline is November 21. We expect a good number of developers and contractors to bid for the projects.”
Al Hosani said, any landlord with a sizeable chunk of landbank in the emirate of Abu Dhabi can approach ADIO to help find investors and help develop projects.
“Although ADIO is a very new player in the scene, we are very aggressive in working towards the Abu Dhabi Vision 2030 by identifying new projects and investors develop projects,” Al Hosani said. “We are playing the role of match-maker between the landlords, asset manager, investors and developers.
“Our initiatives will create new employment and create new attractions across the emirate and help the emirates gross domestic product (GDP).
ADIO is also overseeing the development of the Mangrove Park which is spread across 10 square kilometres where 8 million trees exist. Among the projects ADIO will also oversee the development of an underwater museum off the coast of Saadiyat Island.
Antoine Georges, Managing Director of Dome Exhibitions, organizer of IREIS 2018 said, “Abu Dhabi economy is expected to grow at a faster pace due to the initiatives of the government including the economic reforms as well as the initiatives undertaken by ADIO – a strategic partner of the Abu Dhabi Investment Conference.
“The three-day IREIS has attracted large developers from Abu Dhabi, Dubai, Sharjah and Ras Al Khaimah and we are grateful to all the major government entities and private sector organisations who are participating and supporting the IREIS.”
Major exhibitors that presented their offers at IRIES include: Ajmal Makan, Golf Pillars, Mazaya, Aqua Properties, RAK Properties and Majid Al Futtaim. And the major participants that supported Abu Dhabi Investment Conference include: Abu Dhabi Investment Office as strategic partner, Department of Urban Planning and Municipalities, along with JLL, Bloom properties, Aldlar Properties, Abu Dhabi Chamber, Securities and Commodities Authority, MPM Properties, estidama, First Abu Dhabi Bank and Abu Dhabi Global Market.
IREIS that runs concurrently with the Abu Dhabi Investment Conference, will see brisk sales and networking activities as sales of properties are permitted. IREIS brings leading local and foreign real estate developers, investors and agents under one roof, will attract investors from various parts of the world.
The show is expecting over 100 high-end exhibitors and more than 8,000 visitors. To give a greater value to the exhibitors and visitors, the associated events that will complement the main IREIS Abu Dhabi 2018 are ‘International Real Estate Conference’, ‘Citizenship & Residency Expo’ and the ‘Real Estate Developer – Agent Meet’.