Leaders call for increased liquidity for real estate sector at IREIS 2009.

 

Yesterday saw the inauguration of the fifth annual Abu Dhabi Real Estate and Investment show (IREIS 2009) by Dr Sheikh Sultan bin Khalifa Al Naya, a leading member of the Executive Council.

 

Available liquidity has been one of the show’s major topics, and the Sheikh Sultan addressed the issue by calling for more local banks throughout the UAE to support the real estate sector with increased liquidity.

 

Following the inauguration, the Sheikh Sultan went on to say "Yes there is a slowdown in the real estate market because of the difficulty in getting finance. But we will see the change and progress in the next two to three months. Liquidity will be available in the next three months."

 

The Sultan went on to say that a number of major construction projects had been delayed due to the global adverse credit conditions. "The government wants the local banks to play their roles in supporting the sector and have been asked to make the liquidity available, which we will see in the next few months."

 

Despite the challenges facing the real estate sector in Abu Dhabi and Dubai, more than 100 companies are exhibiting at the IREIS 2009 show, and early visitor figures are showing an increase of around 20% on last year.