THE DUBAI EXPERIENCE

THE DUBAI EXPERIENCE combined with the INTERNATIONAL PROPERTY SHOW FEB 15-17, 2009

The Fox Group, Keller Williams Gold Coast, Chicago, came to what was billed as the “World’s Largest Property Show” in a city which boasts the world’s largest man-made islands, some of the tallest residential and commercial buildings, many unique for their architectural flair, world’s largest shopping malls (one with an indoor ski “hill”), largest (under construction) international 14-runway airport, Dubai’s International Financial Center, Media & Internet Centers, whole new cities under construction, the iconic 7-star Burj Al Arab Resort, the opulent and architecturally relevant symbol of Dubai akin to the Eifel Tower in Paris and (under construction) ten lane highways! Yet the Dubai city traffic is often at a stand-still. But I digress.

As luck would have it, our own Mayor Daley was visiting Dubai and Abu Dhabi the same week our group - Natasha Ganzenko, Bob Satawake, Boris Pjanic and I, Tricia Fox, - ventured into this non-typical Mid-Eastern world. Furthermore the International Property Show was officially opened by the current ruler, the popular Sheikh Muhammad bin Rashid Al-Maktum (Sheikh Maktum), who strolled through the show without much obvious security, fanfare or entourage – we have pictures from standing two feet from him!

Only 15% of the population here are Emirati Nationals, English is the language of business, bartering along the Dubai Creek in open market souks is still symbolic of the basis for all transactions, however modern the exterior trappings may be. First impressions are: a Las Vegas on Steroids, no gambling; a Hollywood setting amid a Disney for Adults theme park surrounded by water and sand and the best infrastructure one can imagine.

Dubai is not the oil capital of the world. In fact, it was the recognition of a need to survive past oil income which drove the visionary Sheikh Zayed bin Sultan a-Nahyan to build this ultra-modern, business friendly world class city while still retaining the hidden charm of the small pearl-diving village replete with new Florida type mansions hugging the shores of the gulf. But I digress.

The Property Show was interesting, worthwhile, and a learning experience. The 20-50% local real estate downturn from prices of a year ago gave us reason to believe our more solid Chicago and Second Home real estate offerings would find interest from moneyed partners. We feel our contacts and inroads made in the week there will prove worthwhile over time. The improved world recognition of Chicago with the Obama connection and the Olympic possibility allowed us to tout our world class city and especially our strong property offerings. Our group certainly competed in presentation, professionalism and earnest enthusiasm. Half of the attendees were mid-eastern, the other half a mixture of European, Australian and Asian. We only met a handful of Americans. We quickly learned our American business methods of sale presentation and a deal on a handshake was out of sync with their cultural need to sit and talk and have a coffee and get to know you. After the first day, we created a sitting area within our booth to invite business people to sit and chat. And business increased ten-fold.

A learning experience for sure.

We have come home with interested investors from single family homes and condos in Chicago, Houston, and Florida up to possible investor groups interested in financing entire buildings. Worthwhile, to be sure. Now we need to continue the souk market barter process and continue the business development while having a coffee and a chat. We’ll keep you posted.
Our experience at the International Property Show was a successful beginning; we came home with newly inspired enthusiasm for global exposure for our local market and some enhanced tools for our next international adventure.

Local Expertise. Global Information and Reach.