WOW RAK’s Ice Land Water Park was officially opened by the emirate’s Deputy Ruler, Crown Prince Sheikh Saud bin Al Qasimi, followed by an impressive firework display.

“This is a reflection of our tradition of hospitality, our openness and our willingness to make friends with open arms and open minds. We are after all a nation born to partner with others and trade with others,” he said. The snow themed water park that spans over 20 acres consists of features such as the world’s largest man-made waterfall, a huge variety of slides and a full sized water football pitch.

The first of four phases, the Ice Land Water Park will soon be joined by a second fully operational Theme Park, a huge hotel complex and a shopping mall, spanning a total of 120 acres.

The WOW RAK project aims to break into the world’s top 5 Theme Parks and is expected to attract millions of tourists every year to the up-and-coming emirate. These intentions were clearly evident at the opening ceremony where one attendee described it as “truly exemplary display of His Highness’s Vision. It showed the spirit of RAK, which has always inspired the whole world about its rapid growth & development.”

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WOW RAK officially opens Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

Dubai’s economy was solely based on oil extraction and even though prices in oil were noticeably declining in the mid eighties, the first step towards creating today’s city was taken. An airline company was established despite the risk of investing in such a critical period. Surprisingly enough, this clever maneuver launched the beginning of a new industry – tourism – with an amazing 6% annual growth. (Over 7 million tourists in total and an increase of 8% visiting in 2006). Today, with estimations that oil reserves in Dubai will run down in 2016, Dubai’s Department of Tourism states: “We are now ready to live without oil’.

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Source: Financial Mirror

Investing in Dubai: Investing in the future Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555

AME Info indicates that available property is currently in short supply in Dubai and so the influx of foreign investors after the change to the property law is likely to send prices soaring.

It is claimed that many buyers were hovering around the Dubai property market in expectation of a change to the rules and that a significant number of these are now looking in earnest.

Furthermore, high rents in Dubai are reportedly forcing people to buy if at all possible, for both residential and investment purposes.

The prediction from AME Info is that property prices may eventually start to stabilise in the middle of 2007, but like most emerging markets, it is very difficult to predict this accurately.

Some experts suggest that property prices could continue to rise for much longer than this and Dubai is certainly proving popular with the rich and famous at the moment.

Rental yields, it is claimed, are now in the region of six to eight per cent. It is thought that this will need to be halved before property is considered expensive in Dubai, indicating that property prices could comfortably rise much higher.

Source: Real Estate TV

Property law strengthens Dubai real estate boom Selectproperty.com Office 803 - Concord Tower, Tecom, Dubai Media City United Arab Emirates Dubai Office: +971 4 446 2756 UAE fax: 971 4 440 4849 UK Office: +44(0) 161 488 3555