Dubai rolled out some of its most ambitious projects, even as stock markets around the world plunged again and global credit markets contracted further.
Two mammoth towers were announced that would easily dominate the list of the world's tallest structures. Developers spared no expense, outfitting their stands with mood lighting, interactive computer displays, large-scale models and espresso counters. One developer, Gulf Finance House, set up a four-metre high golf simulator to promote its "ranches" in Marrakech. Another, Al Barari, covered the floor of its stand with real grass to capture the garden-feeling of its high-end villas in Dubailand.
As major property companies around the world watch their projects stall or get scaled back, the Dubai developers are pushing on in the opposite direction: bigger, taller, more outlandish and more ambitious.
"The UAE has weathered a lot of storms," said Thabet Hashem al Qaissieh, an investment associate at Al Qudra Holding, who mingled with passersby at the company stand. "We'll get through this one, too. There is a lot of liquidity in the Gulf."
Still, the mood was not as frenetic as Cityscape Abu Dhabi in April, where speculators stormed the property stand of Aldar Properties and had to be restrained by security guards. The tamer mood in Dubai was in part due to a decision by the Real Estate Regulatory Authority and Dubai Land Department - which together oversee the emirate's real estate market - that no actual sales take place at Cityscape. Instead, potential buyers were allowed to set up appointments to buy apartments later.
"It is slightly different from last year. Last year it was sort of queuing up and fighting each other, standing on chairs," said Sameeh Khaleel, a UK citizen who bought on Reem Island in Abu Dhabi last year. "I am just kind of observing this year before I buy anything else."
Yesterday the crowds were "watchful," said Ousama Ghannoum, Aldar's marketing and communications director.
"Professionals in the field have been asking me about our sales, what is going on in the market," he said. "They want to know how things are being affected by the global market."
The relative quiet that had descended on the UAE property market in recent weeks had left buyers cautious, he said.
Colliers International, an international estate consultant, said in a report on Sunday that the rate of growth in Dubai house prices had eased to 16 per cent in the second quarter, after rising at 43 per cent in the first three months of this year. The report said it expected the growth to remain flat for at least another year.
Another theme that emerged on the first day was rebirth. Deyaar Development, with a fresh chief executive and a new logo, announced it would pursue larger, community-sized projects as well as diversify its portfolio by starting projects in other countries and acquiring companies with distressed assets. Deyaar has had a tough six months since its former chief executive, Zack Shahin, was arrested on charges of financial wrongdoing, part of a larger crackdown on alleged corruption in the emirate's property sector.
"I don't think it has had a big impact," said Markus Giebel, the new chief executive. "This is part of a maturing market. Corporate governance does not come with an early market, but now this is becoming widespread."
Limitless, another Dubai-based developer, unveiled a new brand that emphasised a more humanistic philosophy.
Nonetheless, the international credit crisis hung in the background amid the canapés and hordes of goody bags for potential buyers. Rumours swirled throughout the day about mergers in the property industry. Earlier this week Tamweel and Amlak Finance announced they had entered "exploratory merger talks" - a move that analysts said could bolster the merged companies against a worsening credit market.
"Greater consolidation will also bring greater confidence in the market," said Jade el Khalil, the chief sales and marketing officer at Dubai Properties. "What we're seeing today is a gradual shift from speculative sales to a consumer-led market."
Sina al Kazim, the chief executive of Meraas Development, was ebullient, sitting with white leather seats and a swimming pool-size model of its new master development, the Dh350bn Jumeira Gardens.
The development will contain as many as eight iconic buildings, including three by Chicago-based architects Adrian Smith, who designed the Burj Dubai, and Gordon Gill. Located just across the road from the Burj Dubai, Mr Smith's 1 Dubai will have three connected towers rising more than 600 metres at their highest point. Along with Nakheel's just-announced Al Burj, which will be more than one kilometre high, will form a triangle of tall towers in the southern part of the city - each a testament to the ambitions of the emirate and its leadership.
"We're talking about very strong fundamentals," he said. "Any great city has its ups and downs, but Dubai has ample cash and enough investors looking for the right kind of investment. Things might slow, I'm not saying it won't. I'm saying that financially, Dubai is strong enough to last a long time."
with additional reporting by Angela Giuffrida and Nathalie Gillet
bhope@thenational.ae
agiuffrida@thenational.ae
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Company%20profile
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Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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Series result
1st ODI Zimbabwe won by 6 wickets
2nd ODI Sri Lanka won by 7 wickets
3rd ODI Sri Lanka won by 8 wickets
4th ODI Zimbabwe won by 4 wickets
5th ODI Zimbabwe won by 3 wickets
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Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
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ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
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Best Director Nadine Labaki, Capernaum
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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AVOID SCAMMERS: TIPS FROM EMIRATES NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
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Total funding: Self funded
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
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SPIDER-MAN%3A%20ACROSS%20THE%20SPIDER-VERSE
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MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
PAST 10 BRITISH GRAND PRIX WINNERS
2016 - Lewis Hamilton (Mercedes-GP)
2015 - Lewis Hamilton (Mercedes-GP)
2014 - Lewis Hamilton (Mercedes-GP)
2013 - Nico Rosberg (Mercedes-GP)
2012 - Mark Webber (Red Bull Racing)
2011 - Fernando Alonso (Ferrari)
2010 - Mark Webber (Red Bull Racing)
2009 - Sebastian Vettel (Red Bull Racing)
2008 - Lewis Hamilton (McLaren)
2007 - Kimi Raikkonen (Ferrari)
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now