NEW YORK // While Dubai scores the highest name recognition among Americans, representatives of Abu Dhabi companies and entities were out in force at the first Cityscape property exhibition in New York to try to redress the balance.
Ronald Barrott, the chief executive officer of Aldar, the emirate's largest property developer, was on hand to explain some of the company's developments, such as Yas Island, which will include a Formula One track and a Ferrari theme park.
"We're here for awareness purposes, to start to explain our vision and masterplan, which will allow for infrastructure and development in a controlled way," he said.
"We have a number of American shareholders but there's still only a small number of people who appreciate the opportunities that are emerging in Abu Dhabi."
Mr Barrott said the controversy over DP World's investment in US ports two years ago had had no impact on investor relations, nor did he expect any fallout from the fact that Cityscape started on the eve of the seventh anniversary of the September 11 attacks.
When Robert Lee, the managing director of Nakheel, a Dubai-based property company, told a US immigration officer earlier this week that he worked in property, he was asked whether he was "buying or selling". "That depends," replied Mr Lee. "There are great opportunities for both sides."
The executive, who helps to manage a multibillion dollar company including the Palm Jumeirah islands, was not being facetious. Ostensibly, his trip to the US was to take part in the exhibition, which is aimed at connecting US investors with emerging market opportunities, including those in the Gulf. But with the US economy in the doldrums, the investment flow remains concentrated in one direction - from east to west. A recent example is Abu Dhabi Investment Council's 90 per cent purchase of Manhattan's Chrysler building for US$800 million (Dh2.94bn).
Nonetheless, some of the Gulf's biggest property names gathered at Cityscape to introduce themselves with the hope that potential US institutional investors will take more note.
"This is a great forum to introduce the key Middle East players and allow investors to realise that 'hey, these are credible developers'," Mr Lee said. "I was heartened to hear Donald Trump tell an audience earlier that Dubai was just like New York, Las Vegas or Miami.
"But people want to learn more about the regulatory framework before they feel comfortable and that's only natural.
"Also, the big institutional investors can't move as quickly as individual investors and often before they've even made a decision, others have moved in."
Mr Lee rejected any notion that fraud investigations in the UAE were affecting the investment climate. "If anything, they're adding credence to the system because people are seeing it applies to everybody," he said.
Alan Gordon, the marketing manager at Abu Dhabi's Tourism Development and Investment Company (TDIC), also hoped to expand ties with New York and the US.
"We already have links with, for example, the Guggenheim and New York University on the Saadiyat Island development. By being here, we hope to supplement this first initiative," he said.
"In general, awareness of the UAE is growing. People are glad to hear about our cultural centres and we're opening up the conversation. We're not here for a hard sell, rather to open a dialogue for the future, starting with explaining who is Abu Dhabi and TDIC."
Investment opportunities included scope for joint ventures, management and franchises, Walter Kleinschmit, the president of R2E Consultants, told a panel discussing whether the Middle East was still "real estate's best kept secret".
He said the huge number of "ego-driven investments" in the Middle East would require management expertise to turn them into "profitable properties".
Many of the panellists singled out Saudi Arabia as offering the biggest array of investment opportunities, not just in property but also in other sectors.
"Doing business is easier in Saudi Arabia than in Dubai," said Daniel G. Goertz, of Capri Capital Partners. "For example, when I tried to trademark our logo across the region Saudi Arabia was the first to grant it."
Meanwhile, US property companies, such as the Carlton Group, said they had yet to see any focused interest in the Gulf property market. "For the time being, we're seeing more foreign money coming here than US money going out," said Steve Fenster, one of the company's managing directors.
Some Gulf-based property companies were at Cityscape more to network with other Middle Eastern players. "We haven't seen much of a reaction so far in the US," said Ali Reza Merali, of Cobalt Real Estate.
Usama Kalyar, of Goldcrest Properties, said he had spoken with a number of US institutional investors who were enthusiastic, but it would take time before any deals might be developed. "It will take at least a month after I get back to Dubai to see if anything happens," he said. "But, so far, I'm quite happy with the response."
sdevi@thenational.ae
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
More from Rashmee Roshan Lall
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
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The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
More coverage from the Future Forum
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NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
MATCH SCHEDULE
Uefa Champions League semi-final, first leg
Tuesday, April 24 (10.45pm)
Liverpool v Roma
Wednesday, April 25
Bayern Munich v Real Madrid (10.45pm)
Europa League semi-final, first leg
Thursday, April 26
Arsenal v Atletico Madrid (11.05pm)
Marseille v Salzburg (11.05pm)
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
UAE currency: the story behind the money in your pockets
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Jawan
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Killing of Qassem Suleimani
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Killing of Qassem Suleimani
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