Dubai has stepped back into the limelight in the past couple of days, reaffirm its unwavering vision for the future.
In the past 72 hours His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, has approved two major development projects which, it is hoped, will drive Dubai onto the next level.
While we saw a hint of Dubai starting to get back on its feet and talk more confidently about the improving fiscal situation and desire to build again at Cityscape last month, the last week has blown that out of the water and shown just how far Dubai is willing to go.
Firstly, there was the Mohammad Bin Rashid (MBR) City which will contain up to 100 new hotels and house the world’s largest mall. The mall alone could cost in the region of AED 10 billion according to industry experts.
Then, just a couple of days later this was followed up by the announcement of a new entertainment hub costing another AED 10 billion in Jebel Ali which will be home to five distinct theme parks. The first phase will be Dubai Adventure Studios, originally announced in December 2011, and is expected to be completed as soon as 2014.
Too much, too soon?
We must say that, while we remain some of the most optimistic people involved in the Dubai Property Market, this does all sound very ambitious, even for Dubai. Has the market really recovered so much that tens of billions of investment is justifiable? Where will the market come from as Europe, America and even parts of the Far East struggle to shake of the remnants of the Global Financial Crisis? Is the GCC market big enough to drive enough demand?
Well, while even we get a little nervous around should big aspirations and dreams, a few reports came out which actually support increased growth and demand in Dubai.
The UAE is ranked first in the Arab world and 18th globally as the best place to be born in 2013, it is the 26th ‘best country for doing business, it enjoys the world’s easiest tax structure and Dubai is experiencing its fastest rate of growth since 2007. Four reports in one week all signifying the UAE’s place on the world map.
The leaders of the UAE have remained steadfast in their vision to make Dubai and the UAE one of the best places on earth. The global crisis was just a curve in the road on that mission and it seems the country is leading its way back to greatness. We hope this strength of character proves well placed and the announcements from the past week come to fruition.
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