Dubai Investment News
Dubai businesses are predicting growth
The majority of businesses in Dubai believe their profits will have increased by the end of the second quarter of 2013.A new study conducted by the Department of Economic Development (DED) showed that confidence is riding high among the city's corporations, with 91 per cent expecting bumper revenues during the three-month period.This is great news for people who are looking to move to Dubai on a permanent basis, as more job opportunities are likely to crop up as companies expand.Indeed, the DED study indicated that 75 per cent of firms are planning to maintain their current headcount, while 23 per cent said they would be hiring new workers in the second quarter.Like many other parts of the world, the UAE was hit hard by the global economic downturn, but His Excellency Sami Al Qamzi – director general of the DED – said the outlook is now far brighter.”Economic activity in Dubai is on a firmer ground, especially with key sectors such as tourism, logistics and aviation flourishing and real estate on a recovery path,” he remarked.”The services and retail sectors are also signalling strong growth, which reaffirms Dubai's reputation as a resilient and vibrant economy.”According to the DED research, confidence levels are particularly high among small and medium-sized enterprises (SMEs) at the moment.The government is always stressing how important start-up firms are to the nation's economy and Dubai has become a rich breeding ground for SMEs in recent years.A separate study conducted by PricewaterhouseCoopers (PwC) showed that 83 per cent of small businesses based in the Middle East reported an upturn in sales in 2012, which was much higher than the global average of 65 per cent.Leaders at PwC said family enterprises in the Gulf are less fazed by the stuttering global economy and so this has given them more scope to grow.The report also revealed that women are having greater influence on how Middle Eastern companies are run. Continue reading
Dubai retains status as global retail hotspot
Dubai has retained its status as an important global retail hub, as a new study confirmed it is streets ahead of other renowned shopping hotspots like Paris and New York.CBRE's latest report – entitled How Global is the Business of Retail? – suggested the UAE-based city only plays second fiddle to London when it comes to worldwide “hot markets”.Dubai has attracted some of the most famous and exclusive brands in the past few years, which is hardly surprising given the emirate's incredible reputation.Indeed, the city is home to the largest malls on the planet and it is also a playground for the rich and famous, so there is always a stream of wealthy holidaymakers looking to add expensive new items to their wardrobes.Global retailers are well aware of this and the CBRE research indicated that Dubai is still the highest ranked target market for brands that are looking to increase their presence in the Middle East.In total, 25 new retailers launched outlets in Dubai for the first time in 2012, including established names such as Franklin & Marshall, Galvanni and Cheesecake Factory.Managing director of CBRE Middle East Nicholas Maclean said Dubai's status as a family-friendly tourism destination also makes it an appealing location for retailers to open stores.”The doubling of its visitor numbers to ten million per annum in 2012 and its commitment to double these numbers again by 2020, makes the emirate highly attractive for existing and new retailers,” he remarked.There is every chance that Dubai will remain near the top of CBRE's future retail hotspot lists, as a multitude of well known firms have outlined their intention to take advantage of the lucrative Middle Eastern market in the next few years.Leaders of UAE conglomerate Majid Al Futtaim recently revealed that US clothing manufacturer Abercrombie & Fitch has agreed to open its very first Dubai-based store in 2014.It is yet to be confirmed exactly where the company may locate its store, but there is every chance it will be in one of the city's main malls. Continue reading
More airlines expected to move to Dubai World Central
Leaders at Dubai Airports have confirmed that talks are ongoing with a number of airlines with a view to bringing more services to the new Dubai World Central (DWC) Airport.Chief executive officer at the organisation Paul Griffiths told Arabian Business that a “stampede” of carriers are expected to move into the facility.DWC only opened in 2010 and has been used solely to transport cargo thus far, although the airport has now been redeveloped to enable it to accommodate passengers.The aviation complex will take some of the strain off the city's main airport – Dubai International – which seems to get busier every year. Indeed, 66 million people are predicted to fly into the facility in 2013.Mr Griffiths thinks that as soon as one or two airlines have committed to providing services from DWC, others will follow.”We're talking to a great number of airlines but airlines really don't like being the first mover and when you see an airline go in and be successful, then you'll find that we're overtaken by a complete stampede of airlines wanting to be there,” he was quoted as saying.”I'm hopeful that over the next few months we will be announcing some more carriers will be operating from DWC.”The airport's cargo operations have been very successful to date, so much so that March 2013 was a record month for freight volumes.Mr Griffiths believes this will encourage airlines to use the airport for passenger services and he hopes tens of thousands of people will pass through DWC in its first year of operation.Meanwhile, work to extend Dubai International Airport is ongoing and plans are in place to raise the annual capacity to 90 million people in the coming years.Dubai Airports recently revealed details of an 80-day project that will see the facility's runways given a new lease of life.The organisation said the work – which will begin in May 2014 – is vital if the ambitious expansion targets are to be achieved. Continue reading
