Sheikha Lubna Al-Qasimi, UAE Minister of Foreign Trade, has led a UAE delegation to the three-day 2008 Asian International Investment and Property Show (AIIPS), which started on Wednesday at the COEX Convention and Exhibition Center in Seoul. Sheikha Lubna delivered the opening address for the event, where she spoke of Asia's rapidly expanding real property sector and the UAE's emergence as a major regional industry player. An official delegation of 70 senior government officials; members of chambers of commerce and industry; and various department officials have accompanied Sheikha Lubna to the event. They include Major General Mohammed Ahmed Al-Marri, director of the Dubai Naturalization and Residency Department; Sultan Butti Bin Mejren, director general of the Dubai Land Department; Dr. Sulaiman Al-Fahim, Hydra Properties CEO; Shaheen Ali Shaheen, assistant secretary general, Federation of UAE Chambers of Commerce and Industry; Mohamed Ben Brik, executive chairman, Dubai Real Estate (a member of Dubai Holding); and Dr. Ahmed A-Banna, economic advisor and assistant secretary-general, Arab Union for International Exhibitions and Conferences. “Amidst today's volatile financial markets, Asia has emerged as a prime investment platform, particularly in the field of real estate development. This prospering and dynamic region offers great incentives to developers and investors with the right vision and motivation.” Organized by UAE-based trade events specialist INDEX Conferences and Exhibitions in cooperation with Korea Home Network Industries Association, around 150 companies and foundations from around the world involved in the investment, property development, and consulting fields, as well as investment institutions and finance funds, are participating in AIIPS 2008. Held under the theme “The World's Most Exciting Property Market,” the exhibition will be attended by an estimated 5,000 visitors representing 80 countries. The UAE is actively participating in the trade event through a pavilion showcasing 30 prominent real estate, investment, advisory, and financial companies and institutions. The UAE pavilion will be the largest in the exhibition, reflecting the country's progressing role as a regional leader and global in real estate development and investments. “I am proud to say that my own country, the UAE, has become a preferred venue for real estate investments in the Middle East. The Emirates are only seven hours away from Central, Southern, and Western Asia; Europe; India; China; and Africa; we are thus close to half the global population and most of its emerging markets. Our real estate and construction sectors are expected to grow at around 24.4 per cent and 21.6 per cent respectively by 2010, combining to contribute 23 per cent to the national economy. We also have the highest per-capita expenditure on construction worldwide, with almost 6,000 construction companies currently operating within our country,” she added. Data indicate that investments in the global real estate sector, which include real estate and fixed residential and commercial properties, constitute about 54 percent of total real estate assets and properties in the world, valued at about $62 trillion. __
