Middle East investments in Greater Paris real estate rise six-fold
The second annual seminar of Paris Ile de France Capitale Economique opened yesterday at the Royal Mirage Palace in Dubai attended by over 100 Middle Eastern businessmen, entrepreneurs and VIPs.
United Arab Emirates: Sunday, March 20 - 2005 at 08:13

The Seminar was opened by Thierry Jacquillat, Chairman of Paris-Ile de France Capitale Economique, who spoke about the 'Biggest and most efficient real estate market in the world: Greater Paris.' He explained that a high level of turnover averaging a return of 15 per cent per annum since 1999 has made Paris the most attractive city for investors. Over the past five years Middle East investments in Greater Paris business real estate have risen six-fold from zero to six per cent.

Greater Paris offers 47 million square meters of available business space, the second largest in the world, and in the first quarter of 2004 boasted a record investments of 5.2 billion euros (Dh26 billion).

Paris also has the largest stock market in Euroland and is a major centre for asset management with 1,6 trillion euros being managed, close to the figure managed in London. It is the leader in Euroland in terms of market capitalisation at more than 1.6 trillion euros.

'We receive more than 40 million visitors each year to Greater Paris, this area has become the world tourism capital with diversified and top quality hotels,' said Thierry Jacquillat, who added that Paris is bidding to host the 2012 Olympic Games.

Other speakers included Patrice de Margerie, Chairman, Concorde Hotels Group; Stephan von Barczy, National Director, Jones Lang Lasalle France; Frédéric Nouel, Partner, Gide Loyrette Nouel; Alain Leclair, Chairman, AFG (the French Asset Management Association); Arnaud de Bresson, Managing Director, Paris Europlace; Muriel Bachelier, Communication Director, Mazars; and Samir Bitar, Mazars SCRL Partner.