UAE leads Gulf in office developments

(MENAFN - Khaleej Times) The UAE has 103 office developments underway worth a combined $10.62 billion, more than any other country in the Gulf Cooperation Council, a research report said on Saturday.

Approximately 50 per cent of these developments in the UAE are due for completion this year, while the rest are expected to be finished in 2010.

Office projects worth $15.7 billion are progressing across the GCC, despite the global economic downturn.

"There are currently 156 office developments underway across the region, with 74 due for completion in 2009 and 82 due for completion in 2010," according to Proleads, a Dubai-based market research company.

Some of the major office developments in the UAE include the 45-floor Highfield Commercial Towers in Ajman, the 29-storey Michael Schumacher Business Avenue, located at Dubai's Business Bay and The Gate District, part of the Dubai International Financial Centre, comprising of 10 commercial towers.

In Saudi Arabia, there are 21 office developments worth $2.624 billion, due for completion in 2010. In Qatar, 11 office developments, valued at $1.269 billion are due for completion in 2010.

As office developments are due to reach completion within the next two years, many international companies are targetting the Middle East to generate business.

Over 365 exhibitors participated in recently concluded Office Exhibition at the Dubai International Convention and Exhibition Centre.

Many participating companies have reported strong sales and new business partnerships during the three-day event.

In addition to several deals signed at the event, exhibitors also commented on the high calibre of visitors.

"The quality of visitors at this year's show has been exceptional and we have made some good business contacts," Marcel Wiethoff, Business Development Manager of Estel said.

"We have met several designers from outside of the UAE, looking to partner with leading furniture manufacturers in the Middle East," he added.

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