UAE real estate tipped to reachr $50 billion by 2010
UAE real estate sector to grow to $50 billion by 2010 say major players
Huge investments by local and foreign businessmen in UAE real estate has led to a mushroming growth in new projects which willl bring the total value of developments to more than $50 billion by the year 2010, according to leading industry players.
Dr Mohammed Raheef Hakmi, chief executive of Omran Global, a foreign businessman and investor, pointed out that real estate and property investment in Dubai and the UAE is considered to be one of the fastest growing sectors in he world.
Also, the growing interest among foreigners to buy freehold property in Dubai has led to a burst in the growth of home finance firms. Real estate financing will exceed $15 billion by the end of this decade, predicted UAE national investor Mr. Sulaiman Al Faheem who is CEO of Dubai Projects.
Dubai’s economy grew by an annual average of 8.6% in the last eight years, it is also predicted that Dubai will maintain the same growth rate for the next five years. The growth in real estate has helped in reinforcing the Gross Domestic Product and studies continue to forecast that the real estate sector will keep playing a critical role in boosting the economy over the next five years.
Higher revenues from the petroleum sector on the other hand are ensuring that government spending on project sites, infrastructure and aviation will continue side by side with projects like Dubai International Finance Centre, and Dubai Healthcare City, stated the Omran CEO. ” The government’s success in attracting foreign companies throuogh free zones is now supplimented by a strategy to attract tourists and foreign residents by easing foreign ownership laws”. The government itself is investing billions of dirhams in developments of infrastructure and projects like the Dubailand leisure complex.
Source: www.ameinfo.com – The Middle East Business Resource