With diversification plans taking shape, 10–year visas on the horizon and oil prices holding firm, investor sentiment has increased again in the GCC’s property market.
THE RESILIENCE OF the GCC’s real estate market has proven itself yet again this year, having weathered several stifling months of economic headwinds to re– establish itself as one of the region’s most talked–about industries.
The caution of the past couple of years has started to give way to restored confidence as oil prices stabilise, governments’ diversification efforts continue to take shape and global investors return to the scene.
Not to mention the raft of announcements that have won widespread favour among stakeholders, such as the promise of 10–year visas in the UAE.
That particular announcement by the UAE cabinet in May this year had an immediate impact on the property market, pleasing investors and developers and seeing stocks rise in trading by almost 5 per cent in some cases.
The outpouring of support was instant. Ali Rashid Lootah, chairman of Dubai developer Nakheel, issued a statement welcoming the change, which he said would “undoubtedly have a positive effect on the UAE economy – and in particular the real estate sector”. Marie Salem, director of capital markets at FFA Dubai, said the move would “surely boost the performance of the real estate sector and give comfort to the investors there”.
CEO and head of architecture at Binghatti Developers, Muhammed BinGhatti called it a “momentous” decision that would “undoubtedly have a highly positive effect on the real estate sector”, and Dubizzle’s general manager for property, Samer Abdin, added it would “encourage more foreign investment in the market, resulting in a more vibrant property industry”.
This story is from the July 2018 edition of Gulf Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2018 edition of Gulf Business.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Green lights
It hasn’t even been a full year that Stellantis, one of the world’s biggest auto companies, has been in existence. Still, its wheels are spinning furiously. Here’s what it has in store for the region
Purpose through corporate responsibility
Every organisation must deeply reflect about whether they are leaving behind a legacy or a liability, says Abdulaziz AlSowailim, EY MENA chairman and CEO
Analysing the layers of a coconut
When we have a sense of clarity as to our purpose in life, then we institute the correct practices and habits around us, and set realistic and achievable results
DUNES TO DOMINION
FOR A COUNTRY RICH IN TRADITION AND DRIVEN BY AMBITION, THE UAE’S JOURNEY DURING THE PAST 50 YEARS HAS BEEN UNPRECEDENTED. WHAT’S IN STORE FOR THE NEXT 50?
Building strong
International investors are boosting Dubai’s residential property market, which has rebounded strongly from the Covid crisis, writes Aarti Nagraj
CHASING THE AMERCIAN DREAM
FOR SHAI ZAMANIAN, THE US IS A LAND OF LIMITLESS POSSIBILITIES, AN AVENUE HE AIMS TO OPEN FOR FAMILIES WORLDWIDE VIA IMMIGRATION. HERE’S HOW HE IS BRINGING HIS GOAL TO FRUITION
OBITUARY: JOCELYN HENDERSON (1921-2021)
THE GRANDE DAME OF ABU DHABI – THE WIFE OF A FORMER DIPLOMAT – PASSED AWAY IN THE UAE CAPITAL AGED 100
THE DIGITAL DISRUPTORS
IN THE COMING YEARS, THE GCC IS EXPECTED TO PLAY A SIGNIFICANT ROLE IN SECTORS SUCH AS HEALTHCARE, MANUFACTURING, EDUCATION AND RETAIL, WHICH WILL HELP BOOST THE GROWTH OF ITS NON-OIL ECONOMY
Signed, sealed, delivered
Nicolas Baretzki, CEO of Montblanc, partnered with one of the world’s most recognisable luxury brands, Ferrari, earlier this year. Here’s where the partnership, and the German company as well, is headed next
UP, UP AND AWAY
AS THE FIRST IN-PERSON AIRSHOW TO TAKE PLACE SINCE THE OUTBREAK OF THE PANDEMIC, THE EVENT SAW SEVERAL DEALS ANNOUNCED
