Organisers of this year's Bahrain International Property Exhibition (Bipex 2008) are bracing themselves for a record attendance when the event kicks off later this month.
Officials are hoping to beat the $38 billion (BD14.3bn) generated at last year's show when the three-day event begins on October 23, said a report in our sister publication, the Gulf Daily News.
"We have received a strong response from exhibitors, with 8,700sqm of exhibition area already sold out," said Bipex 2008 chairman Mohammed Khalil Alsayed.
"We also hope to surpass the participation of 70 companies who took part last year as well as the 12,000 visitor numbers."
The event, the fifth in as many years, is organised by the Bahrain Society of Engineers (BSE).
It is being held under the patronage of Premier's Court Minister Shaikh Khalid bin Abdulla Al Khalifa at the Bahrain International Exhibition Centre (BIEC).
"The GCC region has so far remain unaffected by the fallout of the US sub-prime crisis," said Alsayed during a Press conference at the Crowne Plaza Hotel.
"The buoyancy in oil prices has ensured a current account surplus of more than $200 billion (BD75.6 billion) for the third year in succession, much of it fuelling growth in the non-oil sector."
Alsayed said the chief beneficiary had been the real estate and infrastructure development sector, which is emerging as a "safe haven" for international investors seeking to escaping the turmoil in the global equity markets.
He said Bipex was conceptualised to inform property buyers, developers, financiers and real estate agents about investment prospects in the region.
"It seeks to bring together investors, both regional and international, as well as real estate developers under one roof and put the spotlight on various developments in the real estate sector in the kingdom," said Alsayed.
He said a key highlight of the exhibition would be an interactive technical property seminar that would provide technical details on finance, taxation and legal norms to potential investors.
BSE director of conferences Jameel Khalaf Al Alawi said the strong exhibitor response was a reflection of the consistent growth of the real estate sector in the Gulf.
"With the GCC boasting some of the most exciting waterfront developments and innovative real estate concepts, real estate investment trusts are being set up in association with banks to fund new projects," he said.
Al Alawi said Bahrain remained in the forefront of this growth curve, being the first country in the region to grant property buyers the right of freehold ownership.
"This year we have participants from the UK, Portugal, India, the Philippines, the UAE, Kuwait, Saudi Arabia, Qatar and Jordan."
Admission is free for all and the exhibition will remain open from 10am to 9pm on all three days.
The premium sponsor for the event is Riffa Views. - TradeArabia News Service