Abu Dhabi, United Arab Emirates

U.S.-U.A.E. Business Council President, Danny E. Sebright, participated in a high-level panel in Abu Dhabi on April 19th at Cityscape Abu Dhabi 2009, one of the largest real estate development conferences in the Middle East.  Mr. Sebright’s fellow panelists included the CEO of Aldar, John Bullough, the Chief Property Development Officer of Sorouh, Gurjit Singh, and the CEO of Bloom Properties, Hani Shammah. The four executives assembled spoke on the threats to the Abu Dhabi Real Estate sector and Mr. Sebright provided insight into the opportunities for investment in and the timing in the turn around in the market in the United States.

Panelists discussed the tangible effects the global economic downturn has had on the real estate sector in Abu Dhabi. It has lowered the Emirate’s demand as property prices fell 15 percent in the first quarter of 2009, decreasing funding, dampening consumer sentiment, and heightening the risk of oversupply.  However, they also reiterated that many of the key fundamentals of the Abu Dhabi market were still strong.  Meanwhile, Mr. Sebright pointed out that the U.S. would likely be the first market to begin its economic recovery and begin seeing asset appreciation because it will be the most likely to reach bottom first.

The conference afforded an opportunity for the U.S.-U.A.E. Business Council to conduct outreach to senior figures and U.A.E.-based companies which the forum brought together from across the Abu Dhabi and broader Middle East real estate and global investment industries.