Dubai's two star developers said Saturday they will take part in the emirate's highly anticipated property expo, reversing an earlier decision to pull out. Nakheel, and its rival Emaar Properties, unexpectedly pulled out Thursday from the Cityscape show, long one of the highlights on the erstwhile boomtown's business calendar before property prices began to collapse last year.
The cancelled participation of the two developers, famous for projects likes massive man-made islands and the world's tallest skyscraper, illustrated a shift in focus amid the real estate bust toward completing existing projects rather than rolling out dazzling new ones.
In e-mailed statements to the media, both companies said they will participate in the two-day property fair, set to begin in Dubai October 6. "The decision follows discussions with the various agencies involved in organising the event," Emaar Properties said. The company will use the event to "explain its growth strategy of expansion" and "further explore" new possibilities in the Middle East, North Africa, and South Asia.
Nakheel's statement said the company decided to attend after "discussions with various industry stakeholders, including partners and the leading event's organisers." "With the company's focus remaining on delivering units and services to existing investors and residents, Nakheel ... will focus on exhibiting communal properties on several of its developments that are close to completion," the statement said.
Nakheel is owned by the Dubai government, which also hold a minority stake in the Emaar Properties. Property consultancy Colliers International said last month its widely watched index of real estate prices showed Dubai home values have plunged by half from their peak last year, making the once-booming Mideast city one of the worst casualties of the housing bust.