Tag Archives: Foreign Investment

Dubailand CEO Mohammed Alhabbai and DAMAC Chairman Hussein Sajwani on the Launch of Akoya by DAMAC

Most Luxurious Golf Community in Asia is now in Dubai with Golf Club, Premium Mansions and Villas

DAMAC Properties, the largest private developer of luxury real estate in the Middle East, announces the launch of ‘Akoya by DAMAC’, a 28 million square feet master development off Umm Sequim Road in Dubai.

‘Akoya by DAMAC’ will be the most luxurious Golf community in Asia, with premium branded mansions, villas, townhouses and luxurious apartment units. The project will include an 18-hole PGA Championship Golf Course at the heart of the development, in addition to a sumptuous spa, boutique hotels and international schools from kindergarten to secondary level.

The fully-integrated community will also include globally-recognised retail brands, leisure & entertainment offerings, a sports complex and beautifully manicured landscaping throughout.

‘Akoya by DAMAC’, which takes its name from one of the most exclusive pearls in the world, will create a thriving living environment aimed at meeting the demand of those living and working in Dubai and the region, as well as those holidaying there.

The project will include distinctive architecture, lush landscaping and unrivalled five-star service in every element of the luxury living environment.

The development will be the largest project by size and scale which DAMAC Properties has ever launched, further confirming the stabilisation and upturn in the Dubai real estate market.

“We aim to make ‘Akoya by DAMAC’ the most desirable living environment in Dubai for aspirational professionals who recognise ultimate luxury,” said Mr. Hussein Sajwani, Chairman, DAMAC Properties. “The development will bring a blend of high-end, five-star living, with unrivalled facilities and create a haven for families looking to make Dubai their home.”

The latest report from Jones Lang LaSalle showed that valuations of apartments and villas in Dubai had continued to climb. In the first quarter of this year prices were up 18% in prime locations. The report also stated that ‘for the first time since mid-2008, all sectors of the Dubai real estate market are currently positioned in the recovery stage of the market cycle.

“We are in advanced discussions with a number of leading global brands to make ‘Akoya by DAMAC’ the most sought-after area in Dubai,” added Mr. Sajwani.

The purchase of land from Dubailand has been completed and all required paperwork has been received.

DUBAILAND® is a popular district of Dubai that includes entertainment, sporting, shopping and residential communities. The destination hosts a number of diverse attractions including Miracle Gardens, Sports City, Motor City and Global Village. It is well connected to key highways making it within quick and easy reach of prime costal and downtown areas.

DAMAC Properties has completed 37 buildings to date with 7,817 units and spanning 13,945,299.00 sq feet. DAMAC Properties also has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.

More details will be made available to visitors to the Arabian Travel Market, taking place at Dubai International Convention and Exhibition Centre from 6-9 May 2013. Visitors will find the DAMAC Properties stand at Sheikh Saeed Hall, stand 5,560.

Dubai Marina is a great place for investment

Dubai Still Sits Pretty Among the World’s Super Rich

Dubai remains one of the favourite cities in the world for the rich and famous, according to the latest research.

The Emirate is listed in the top ten countries which wealth expert felt their clients considered the most important. Of those with more than US$ 30 million in wealth, Dubai came seventh, just behind the likes of London, New York, Singapore, Hong Kong, Geneva and Shanghai.

The detailed annual report suggests that it is the real estate market which has driven the increase in confidence of the rich and famous. It says: ‘Dubai (Property Market) has recovered some of its popularity with Russians, but competition from North Africa, Pakistan, India and Iran has been an important factor in helping to drive process higher this year.

In fact, the report goes on to show that Dubai’s increase in valuations at around 20% is the second highest in the world, behind only Bali in Indonesia. Analysts praise the turnaround in the Dubai property market by stating that the Emirate has gone from: ‘the epitome of the global downturn between 2008 and 2009’, to rebounding spectacularly in 2012 ‘on the back of resurgence in demand.

The main reasons for the return to favour of the worlds most influential HNWI’s (High Net Worth Individuals) was the strategic location linking the East and the West and its position as a safe haven in the region.

Bang for your Buck

The report went on to highlight just how much physical real estate you can get for your cash in each respective city – and in Dubai we do pretty well. For a US$ 1 million investment you can expect to be given around 168 square metres. Doesn’t sound much? Well head to Monaco (16 square metres) or London (23 square metres) and you soon realize that very few cities can match Dubai even for value.

But are these global investors looking at Dubai as a quick win city, where they can ride the second wave, make some tax-free cash and get out before the next collapse? Apparently not. The report asked which cities would be most important to the clients of wealth investors in ten years time, and Dubai still ranked in the top ten in the world! 

This is one of the most important pieces of information in here … for those of us looking to invest in the Dubai property market, as it clearly shows that the uber rich are involved in Dubai for the long-term, they are here to stay. And that injection of liquidity into the market will ensure that Dubai remains not just the leader in the Middle East for property investment, but increasingly on the world stage.

Do you agree? Let us know your thoughts on the report. Follow us on Twitter and join the debate!

A look at how DAMAC Towers by paramount will look when completed in 2015

‘DAMAC Towers by Paramount’ Brings Hollywood Glamour to Middle East Living and Hospitality

From ‘The Godfather’, ‘Breakfast at Tiffany’s’ and ‘Titanic’, Paramount Pictures has become synonymous with entertainment and above all creativity, and today the brand stands for more – adventure and escape. Now, in its 101st year, the global launch of ‘DAMAC Towers by Paramount’ in Dubai marks the company’s first venture into the hotel and real estate industry.

DAMAC's Ziad El Chaar with Thomas van Vliet, Chief Executive Officer from Paramount Hospitality afte ...

DAMAC’s Ziad El Chaar with Thomas van Vliet, Chief Executive Officer from Paramount Hospitality after the announcement this morning at ITB in Berlin

In an exclusive partnership with DAMAC Properties, the leading luxury private developer in the Middle East, and Paramount Hotel & Resorts (PHR-FZ-LLC), the official licensee of Paramount, ‘DAMAC Towers by Paramount’, will comprise a 540 key Paramount Hotel & Residences and more than 1,400 units of DAMAC Maison – Paramount co-branded serviced hotel residences located in the heart of the downtown Burj Khalifa area in Dubai, a new tourism hotspot.

The US$ 1 billion ‘DAMAC Towers by Paramount’ is currently under construction, and once completed by the end of 2015, will provide enviable views of the world tallest tower, the Burj Khalifa and provide easy access to one of the world’s largest shopping malls, The Dubai Mall. This area welcomed more than 65 million visitors in 2012, an increase of over 20 percent compared to 2011. The number is more than the amount of annual tourists to New York City (52 million).

Speaking at ITB Berlin, the world’s leading travel trade show, in order to launch the project to the global travel market, DAMAC Properties Managing Director, Ziad El Chaar, said: “The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project. We will employ the same, tried and tested production process, pioneered by Paramount Pictures at the studio, to direct, design and detail a world-class experience. The Paramount brand stands for more than exceptional film and entertainment: it’s an inviting lifestyle.”

The four towers which make up ‘DAMAC Towers by Paramount’ are brought together with a multi level plaza, offering an eclectic selection of themed food & beverage concepts, meeting & events facilities, a screening room, wellness & fitness centres, swimming pools, kids club, retail, and merchandise all featuring the Paramount brand or select partner brands. Each tower stretches over 250 metres into the air.

One tower will comprise of the Paramount Hotel & Residences with the remaining three towers, housing the DAMAC Maison – Paramount co-branded serviced Hotel Residences.

“Most people know the famous Paramount Pictures logo, with the mountain and 22 stars, and they also watched many of the iconic movies the studio produced. The hotels, resorts and residences produced by PHR FZ-LLC will be developed using the creative process honed over Paramount’s 100 year history. Warm service, design, entertainment, food, beverage and spa concepts will combine magically to mark a new chapter for the brand and to set a rare standard in luxury hospitality,” said Thomas van Vliet, Chief Executive Officer, PHR FZ-LLC.

The serviced Hotel residences will feature fully-fitted kitchens and services that also include valet parking, concierge, housekeeping, in-room beauty treatments, a child minding service and kids club. In addition owners can elect to add their residence in the ‘rental pool’ whilst they are away, allowing for rental returns to be generated.

DAMAC Properties has completed 37 buildings to date with 7,817 units and has a further 66 buildings at various stages of progress across the Middle East and North Africa region. These consist of 12,100 units.

Paramount Hotels & Resorts is a lifestyle hospitality company that celebrates the power of creativity in all its forms – entertainment, design, service, cuisine, wellness, and technology – to meet the needs of the new creative spirits of discerning luxury travellers.

Further information is available at www.damacproperties.com or by visiting the Paramount Hotels & Resorts stand at ITB Berlin from 6-10 March 2013 at Hall Nine, Stand 317.

Dubai Marina is a great place for investment

Top Tips For The First-Time UAE Real Estate Buyer

Buying real estate overseas, especially for the first time, can be a daunting prospect, but who hasn’t aspired to owning their own home or apartment in the sun? The monumental investment indicates that you’ve accomplished your financial goals and are looking forward to a life of security. When you buy a property in the United Arab Emirates (UAE), that security is taken a notch higher with visions of a luxurious life in sumptuously designed apartments or high-end hotel penthouses. Whether you’re looking to live a lavish life in an apartment or a penthouse, you’ll want to ensure your property investment is the right one.

While there are many laws designed to protect real estate buyers in the UAE, it still pays to do your due diligence to avoid any problems. Here are our top tips to consider when you’re looking to buy UAE real estate property.

Clarity

Transact with the actual owner or the official broker. You want to be able to deal with people who either own the property or have a legal standing to sell the property. Make sure that you are communicating with the right people before you even visit the property or make further inquiries  When you’re looking at real estate development, ensure that the developer and the project are registered with the relevant local government agency and can supply you with details of Escrow accounts, and agreements with the main contractor.

Research

Take your time. Consider the market value against the location and potential growth of the area. This will help you buy an apartment or a villa at the best possible price, with a potential for considerable profits when you decide to resell it in the future. Bloomberg Businessweek reported that the UAE real estate market has been experiencing falling property values by 65 percent during its four-year turn. But the glamorous emirate is seeing strong signs of recovery as prices for residential properties in the Burj Khalifa and Marina area shoot up 15 percent in 2012 alone.

Use Experts

Get the expertise of a surveyor when inspecting the property you want to buy. This will allow you to have a better idea of the property’s actual value, and not its projected market value.

Read

And finally, always read the contract before you sign it. If you’re able to, get a lawyer to look at it to make sure that everything is as you expect before you step in.

Buying property in the UAE is a great accomplishment. Ensure your financial security by making the right property purchase. Consider these tips and find your dream home today.

 

Follow us on Twitter for more great tips for buying in Dubai.

DAMAC Properties launches projects in Dubai Marina and Riyadh with FENDI Casa

DAMAC Properties Partners with FENDI Casa on Projects in Dubai and KSA

During an exclusive global launch in Dubai this morning, DAMAC Properties announced a major regional strategic tie-up with luxury global brand FENDI, to provide interior designs on projects in Riyadh in the Kingdom of Saudi Arabia and Dubai, UAE.

The largest private luxury developer in the Middle East revealed details of DAMAC Esclusiva Luxury Serviced Apartments, a 150 metre high tower overlooking the Kingdom Tower in Riyadh, which will provide refined luxurious interiors by the Italian fashion house for more than 100 luxury serviced apartments.

The two companies will also partner on the interiors for exclusive private apartments in DAMAC Residenze in the Dubai Marina.

The concept of continuity between building and interior space guides the ventures. The two projects are not only furnished with distinctive pieces from the FENDI Casa collection: the whole of the interior design is conceived by FENDI.

The state-of-the-art projects, which are currently under construction and set to be completed in 2016, will provide the highest standards of refinement.

“DAMAC Properties is thrilled to be working with FENDI to take the standards of luxury home living in the Middle East to a new level,” said Hussain Sajwani, Chairman, DAMAC Properties. “Together we can bring an experience to the market which the region is yet to see. It is a perfect synergy between two visionary companies looking to reach the pinnacle of luxury living.”

“DAMAC Esclusiva Luxury Serviced Apartments in Riyadh are being made available by invitation and pre-approval to a limited number of VIP’s only, reflecting the quality and refinement on offer. We believe these will be the most desirable serviced apartments available anywhere in the Middle East,” he added.

“FENDI is a luxury house, based on the fearless exploration and experimentation of luxury handicraft and strong appreciation of sophisticated materials. The Riyadh and Dubai projects are a perfect example of our poly-sensorial, three-dimensional approach to making beautiful things,” said FENDI Chairman and CEO Pietro Beccari.

Mr. Sajwani was joined at the launch by Ms. Carla Fendi, Honorary President of FENDI and the Italian Ambassador to the UAE, Mr. Giorgio Starace, at a press conference in the Dubai International Financial Centre this morning.

“The partnership between DAMAC Properties and FENDI marks an important step forward in the growth of ‘Made in Italy’ in the United Arab Emirates,” said Mr. Starace. “FENDI is an iconic Italian brand, loved across the world for quality and style. With its sophisticated, top level quality standards it will contribute remarkably to spread the most exclusive Italian luxury tradition in the UAE. The two magnificent projects that FENDI and DAMAC Properties will develop in the Kingdom of Saudi Arabia and the UAE reflect a clear trend of ‘Made in Italy’ abroad, especially in this country, a successful trend which is more and more oriented at targeting the highest echelons of the market, offering top level products that represent the best of Italian culture, tradition and know-how.”

Each project has a specific and distinct identity. A subtle dialogue with the surrounding place makes the local atmosphere, culture and climate immediately palpable. DAMAC Esclusiva Luxury Serviced Apartments in Riyadh is a contemporary FENDI space inspired by Oriental tradition. The project will be managed by DAMAC’s own Hospitality division, a five-star hotel and personal service Management Company to provide the levels of luxury expected of VIP residents.

Whilst operating the serviced apartments within DAMAC Esclusiva, DAMAC will offer owners the personal touch of a VIP luxury 24/7 service, while investors will also be able to benefit from an attractive return on their apartment in the months they do not reside through a rental pool programme.

“The real estate market in both Riyadh and Dubai are again performing strongly, especially in the high-end, luxury sector,” added Sajwani. “We believe there will be a very high level of anticipation for these apartments from nationals and overseas investors.”

Each apartment will be fully designed by FENDI Casa reflecting the authenticity, desirability and uniqueness so strongly associated with FENDI. The reception and lobby areas of both the towers will also be styled by the FENDI Casa team to create a luxurious experience from the moment guest’s step inside.

Both the DAMAC Esclusiva Luxury Serviced Apartments in Riyadh and DAMAC Residenze in Dubai will include the highest standards of finishing and decor including relaxed spa and swimming pools, gymnasiums, restaurants and cafes.

The DAMAC Residenze apartments in Dubai Marina are available for investment now, while to qualify for the properties in DAMAC Esclusiva Luxury Serviced Apartments in Riyadh, applications can be requested on-line.

FENDI was established in 1925, with the first handbag shop and fur workshop in Via del Plebiscito, Rome. The company is now listed as one of the top ten of the world’s luxury brands according to Millward Brown Optimor’s and has more than 190 boutiques in over 35 countries around the world.

Finding the Ideal Property: Dubai Buyers’ Guide To Property

Skyscrapers with multiple swimming pools. Lavish designer high-rises. Contemporary sprawling villas. Properties in Dubai are nothing short of exquisite when it comes to architecture, amenities, and overall design. It’s no wonder then that many expats choose to call this thriving spot in the United Arab Emirates their future home. If you have plans of moving to this affluent emirate, discover the many types of residential property Dubai builders are developing these days, and find your ideal home.

If you live alone and have no immediate plans of starting a family, Dubai’s many luxurious hotel-style residences are quickly becoming the number one choice. This is especially recommended for individuals with busy schedules and a discerning lifestyle that demands five-star service.

When price isn’t a concern, there are a host of opportunities for both investment and a place to call home. You can find everything from four-bedroom penthouses, to studios. Your decision will depend on whether one serviced luxury hotel has more amenities (e.g., Jacuzzi, luxury spa, modern gymnasium, etc.) than the other residential hotel. Also, consider the views available from your suite. After all, why live in a serviced residential hotel if you aren’t going to have a stunning view when you retire at night? Another key factor in Dubai is infrastructure. Areas which have roads, shops, schools and hospitals demand a higher premium, but offer the most convenience.

When money is a more of a factor, you can still save a few dollars in rent or real estate investment by looking at modest, more affordable apartments situated in less luxurious, but still pleasant locations, which offer the opportunity for strong capital growth as infrastructure comes online. There are many apartments with child-friendly and secure neighborhoods with access to swimming pools and restaurants.

Dubai, with stunning skyscrapers and designer apartments, offers a luxury standard of living. However, there are still affordable and homely options perfect for families and single people. All you have to do is find a property that’s ideal for your budget and your lifestyle. Do a lot of research. Work with the most trusted and established developers which have a proven track record in the market – especially if you are considering an off-plan purchase. Request all information on the project: Escrow account details, copies of contracts with master developers and RERA-approved licenses – every trusted developer has to be able to provide these.

Above all, don’t let your heart rule your head; don’t overstretch your budget, but find somewhere that will meet the requirements of you and your family. Dubai is one of the safest places on earth to live, with a wonderful melting pot of communities. It is a city where opportunity is abound.

Where are your areas of choice in Dubai right now? Tell us your story of your move to Dubai. We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

The Dubai Property Market Post-Mortgage Cap – A Top Five First Time Buyer’s Guide

With the recent introduction of a mortgage cap of 50 percent loan-to-value rate for expatriates in the UAE, many prospective clients have to re-evaluate ways to get into the Dubai property market.

The new regulations will impact those that require a mortgage to cover the repayments on the outstanding balance. The most recent statistics from the Land Department show mortgages account for 66 percent of total registered transactions in Dubai in Q1 2011. Foreigners are also substantial owners and buyers, purchasing real estate worth almost AED 30 million in H1 2012.

So, you are keen to invest in Dubai, but you no longer have the initial down payment required on the place you had lined up. What to do? Well, it may well be a blessing in disguise.

Dubai’s property market is currently increasing at a good rate. Now is the time to invest in the market, to capitalize on the growth to come. Here are a few things to consider:

1.    New Locations

If you are not able to find the 50 percent down payment on that stunning two-bed overlooking Burj Khalifa, take a look at the two-bed in IMPZ, Jumeirah Village or even Dubai World Central.

These locations have many stunning properties under development, but are as much as 50 percent less than Dubai Marina or the Burj Area. Okay, the infrastructure is going to take a couple of years to come online, but you will be close to all major roads and have a stunning property with enviable facilities, all for a fraction of the cost of the current prime areas.

2.    Take the emotion out

By looking at property in the development areas of the city, you are taking the emotion out of the investment and making a considered choice based on future capital growth. By being a ‘trend-setter’ and getting into these areas early, you will have much more room to grow the capital growth, indeed in the medium to long-term a new property such as Lago Vista or the Crescent in IPMZ, will certainly increase in value by higher percentages than the more established areas.

3.    Control your level of investment

The mortgage cap has been introduced to control the level of overseas investment in the Dubai property market and to try to restrain the boom and bust mentality of the past. It is a sensible approach to retain control of the markets and will help to ensure you are only investing the money you can afford. While all predictions suggest the Dubai real estate industry is on the consistent path of growth, there only needs to be another short-term dip and you could find yourself in financial difficulties. Accept the mortgage cap and use it to your advantage by looking at those properties in new development areas.

4.    Buy to live

This blog encourages a buy to live mentality, or at least a medium to long-term strategy for your Dubai investments. If you are considering a purchase in Dubai, think about what it is for. If this is for investment and to give you a home then we suggest looking also at the Hotel apartments springing up around the Burj Area. These offer not only a solid foundation for capital growth but the management companies will also take responsibility of renting out your apartment while you are away for any period of time.

5.    Do your research

As you set into the Dubai property market you will soon note that there is quite a bit of paperwork to get through. While this can be timely and frustrating, take it as a huge positive. This is a signal of the strength of the regulation now supporting the market and has been introduced to protect the buyer. Always ensure you ask the developer to provide you their licenses, including agreements with main contractors and also funding assurances through Escrow. By law, every developer has to provide you this documentation.

How has the new mortgage cap affected you? What impact do you think it will have on the market? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

2012 – The Year of the Optimist; 2013 – The Year of the Savvy Investor

As we close out another year, and begin to relax ahead of the New year celebrations, we take a moment to reflect back on twelve months which has redefined the property market in Dubai and consider what might be before us in 2013.

Villa prices have seen the most significant growth, during a year where each quarter has outperformed the last, with some areas seeing growth around 20 percent. Apartments are also back to 2010 prices (they won’t hit 2008 peaks until Q3/Q4 next year) with a year-on-year increase around seven percent across the board … much more than this at the luxury end of the market.

Key locations are still leading the market. Top-end properties in the Burj Area and Dubai Marina remain the most sought after, with serviced apartments the new off-plan opportunity.

Mega projects were again announced … a few teasers at Cityscape Global, before the real big announcements in the past month: ‘Mohammed bin Rashid City’, a multi-billion dollar project with the largest mall in the world (didn’t we already have one?) and a park 30 percent bigger than Hyde Park in London. Then, three days later, a AED 10 billion leisure and entertainment destination, which will begin construction next year.

So Dubai is back competing, announcing, building, and most importantly selling again. While there is some justified skepticism in the air as Dubai reverts back to the big bold announcements, there is now liquidity back in the market. Dubai is seen as the safe haven with Middle East investors moving their cash to the Emirate as the Arab Spring continues throughout the region. Buyers in Europe and America are coming to Dubai (especially the large institutions) as the EuroZone crisis and the ‘Fiscal cliff’ in the States still causes alarm.

So into 2013, and as DAMAC Properties’ MD, Ziad Al Chaar said recently: “2012 has delivered on our predictions at the start of the year – prices in the Dubai market steadily grew with each quarter outperforming the last. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be very savvy about where they invest and in which projects in each area.”

Stricter regulations continue to be integrated into the Dubai Property Market, new investment opportunities will open up (serviced hotel apartments will be the number one investment vehicle next year) and new locations such as IMPZ, Jumeirah Village and the Emirates/Al Khail Road area will jump in valuation as infrastructure completes.

“I believe that there has been no better time to invest in the Dubai property market in the past four years,” added Al Chaar. “New regulations, the filtering of the market following the correction and the increases in business and tourism coming to Dubai will it remains one of the most lucrative real estate markets in the world in 2013.”

Which direction do you think the Dubai Property Market will head in 2013? What impact will it have on rental prices and yields for owners? Are you looking to get into the market? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

The 53-storey towers to be built in the Burj Area

The Distinction – The latest project to hit the luxury Dubai Property Market

DAMAC Properties is the latest luxury developer to step forward with a new project announcement, and The Distinction is set to wow the growing number of people returning to the Dubai Property Market.

A stunning 195 metre, 53-storey, iconic tower overlooking the Burj Area, with views taking in the vista of the Dubai Fountain, Burj Khalifa and Dubai Mall, The Distinction is set for completion early in 2015.

The Distinction will come with 295 luxury serviced hotel apartments, including studios, one, two and three bedrooms. There are also two four bedroom penthouses.

DAMAC Properties has timed the announcement well – with the market on its strongest upward curve in four years. There is a great deal of interest and excitement about the Dubai market at the moment and especially the Burj Area which DAMAC recently described as one of the most desirable locations in the world.

Average prices in Dubai have increased by 14 percent in the first nine months of the year, according to the Reidin Residential Sales Indices, with the rental market also seeing strong growth with yields up as much as 24 percent in prime locations across Dubai according to a recent report by CB Richard Ellis.

DAMAC Properties is certainly focusing on the top-end serviced apartments sector of the market and has recently announced it will have more than 4,000 units of this type under development by the end of next year.

Niall McLoughlin, Senior Vice President, DAMAC Properties, said: “Luxury projects in prime locations are driving the UAE property resurgence and ‘The Distinction’ will provide the quality of finish and service expected at this end of the market. The serviced hotel apartments at ‘The Distinction’ will offer the highest levels of customer service, luxury and opulence placing it among the premium products DAMAC Properties has on the market today.”

You can experience the views you can expect from The Distinction by checking out this cool time lapse from one of the towers next door.

What do you think of The Distinction? Do you think luxury serviced apartments will take off? We would love to hear from you in the comments section below, or joining us on Twitter, @dxbpropinvest.

Dubai’s Bold Move Forward

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.

We would love to hear your thoughts on this and any other news on Dubai Property Invest. And don’t forget to also join us on Twitter @dxbpropinvest