Dubai Investment News
Dubai International Airport ‘will remain a top priority’
Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has insisted that the expansion of the city's main airport will continue to remain a priority.The UAE prime minister recently visited the aviation facility and he was happy with the work that has taken place in Terminal 2.Once the new hall opens on April 29th, the state-of-the-art terminal will be capable of accommodating 7.5 million passengers a year.More than 57.6 million people passed through the airport last year and this figure is expected to rise to 66 million in 2013. The overall capacity of the airport has increased to 75 million passengers per year and it is predicted to be the busiest aviation hub on earth in the next few years if current rates of expansion persist.Mr Al Maktoum was quoted by the WAM news agency as saying that Dubai International “represents the face of the country and is the symbol of its culture and progress”.He also paid a visit to the Dubai Airport Free Zone (DAFZA), which continues to attract scores of influential investors.The facility was first established in 1996 as part of the government's plans to move the city towards an investment driven economy and it is now home to more than 1,600 companies from a range of sectors, including freight and logistics, IT and aviation.There are many incentives for firms to set up a base in the DAFZA, as they receive 100 per cent exemption from corporate tax, import and export duty and personal income tax. This perhaps explains why so much money has been poured into the area in the past 17 years.Mr Al Maktoum toured a number of the buildings that have sprung up throughout the free zone and he was clearly very impressed with what he saw.”The success achieved by the DAFZA is a first step forward for more progress in the way of excellence that we thrive,” he added. Continue reading
Dubai leader welcomes young investors
A group of young investors have been welcomed to Dubai by the city's ruler His Highness Shaikh Mohammad Bin Rashid Al Maktoum.The UAE prime minister took time out to speak with 36 members of the Zurich-based Young Investors Organisation and he offered a few words of advice to the youngsters, the WAM news agency reports.Mr Al Maktoum said he was pleased that they had chosen to explore the many investment opportunities that Dubai has to offer, particularly in the renewables sector.The meeting took place at the Dubai International Financial Centre and the group will also host a three-day forum in the emirate.Dubai's tourism industry has grown significantly over the years and the city's property market has also recovered well in the past 12 months, so it is no surprise to see the next generation of investors turning their attention towards the UAE.Mr Al Maktoum told the news provider: “Dubai is pleased to welcome ambitious young investors who are looking for a safe place to settle down, live, invest and achieve personal goals and to contribute to the economic growth of the country they invest in.”He added that Dubai's meteoric rise is a good example for ambitious investors to follow, as the city clearly knows what it takes to overcome tricky obstacles.”The global financial crisis was the major challenge facing us, but we by nature love challenges because we are the people of the desert,” the Dubai ruler continued.A recent study by Jones Lang LaSalle highlighted just how strong Dubai's real estate sector is at the moment.While residential buildings have been selling well for quite a long time, the demand for offices and other commercial properties has been largely subdued – until now that is.The research indicated that all divisions of the city's real estate market are in a strong position to grow in 2013 and this is the first time this has happened since mid-2008. Continue reading
Dubai consumers ‘are feeling good about the economy’
Consumers in Dubai are far more optimistic about the state of the economy than they were just a few months ago, a new study has shown.According to the Dubai Department of Economic Development's (DED's) latest Consumer Confidence Survey, 90 per cent of people living in the emirate in the first quarter of 2013 were happy that things were looking up.This was a significant improvement on the fourth quarter of 2012, when 74 per cent of survey respondents felt the economy was in good shape.In addition to this, around 95 per cent of citizens think that Dubai's gross domestic product will expand by the end of this year.Leaders at the DED believe that rising real estate prices and the booming tourism sector are two of the main factors behind this renewed sense of optimism.Indeed, 66 million tourists are expected to visit Dubai in 2013 and local businesses will obviously benefit from the influx of holidaymakers and business travellers.Encouragingly, the research also indicated that more people who live in Dubai are predicting better job opportunities in the near future. Some 87 per cent said they expect to see more job vacancies cropping up in the next 12 months.Meanwhile, 82 per cent of workers in the city rate their current job prospects as either “good” or “excellent”, which is up from 71 per cent in the fourth quarter of 2012.”The prevailing consumer sentiment in Dubai shows an increasing level of confidence in the emirate's ability to stimulate economic activity, create jobs and generate wealth,” commented director general of the DED Sami Al Qamzi.”Dubai's bold announcements of a strong commitment to development and pledge to make the emirate more attractive for investment and business is producing the desired results.”Another recent study – this time conducted by Friends Provident International – appeared to back up Mr Al Qamzi's suggestions, as it revealed that investors are increasingly seeing the UAE as a safe haven and Dubai-based property assets are in particularly high demand at the moment. Continue reading
