Dubai Property News
Emirates to develop 5 towers in Dubai
Emirates Airline – one of the fastest-growing carriers in the world – has unveiled plans to build five new residential towers in the Dubai Silicon Oasis (DSO) free zone, which will be used to house hundreds of the company's employees.The firm has expanded significantly in recent years and now has more than 62,000 staff across 50 business units around the world.Bosses at the airline confirmed the organisation was planning to create another 2,700 jobs this year and this has heightened the need for new facilities.Emirates has signed an agreement with the DSO – which is owned by the Dubai government – and work to construct the 25-storey skyscrapers will commence in the third quarter of 2013.The airline's executive vice president Ali Mubarak Al Soori said the firm was keen to build within the DSO because of its excellent facilities and infrastructure.Mr Al Soori added that the deal cements Emirates' strong relationship with the technology park.”We are keen to build upon the synergy we share with DSO and continue to look at developing residential towers that provide our cabin crew with an ideal housing environment,” he remarked.Once the buildings are up and running they should be able to accommodate 2,000 of the company's employees at any one time.There is no doubt that the huge success of Emirates has been a major factor behind the rise of Dubai International Airport.The facility was recently confirmed as the second-busiest on earth and aviation experts are widely tipping the airport to overthrow London's Heathrow at the top of the standings within the next few years.Emirates has also become a world leader when it comes to adopting double-decker A380 aeroplanes.These huge planes are revolutionising air travel and figures released in February showed that a staggering 14 million passengers have completed a journey on an Emirates A380.This is very impressive, as the company did not add the vessels to its fleet until August 2008. Continue reading
Standard Chartered predicts strong Dubai growth
Leading economists at a prominent international bank are confident that Dubai will record strong economic growth in 2013.Senior figures at Standard Chartered predict the city's gross domestic product (GDP) will expand by 3.5 per cent by the end of the year and think the UAE's economy will increase by the same amount.Like many other parts of the world, the UAE suffered badly when the global economy came crashing down in 2008/09, but it certainly seems to have recovered far more strongly than most countries.Although the well documented problems in the eurozone are having an impact on trade around the world, Marios Maratheftis – global head of macroeconomic research at Standard Chartered Bank – believes the UAE has not been too adversely affected by this, as it does most of its business with Asia.”We expect positive, solid growth in Dubai and the UAE. We are seeing growth is picking up and … being driven by fundamental drivers,” he was quoted as saying by the Khaleej Times.Mr Maratheftis suggested that the hospitality sector – which is getting back to pre-financial crisis levels – is performing well and retailers have also had a very good year.Importantly, the property market has bounced back and investors have been snapping up new assets in more exclusive parts of Dubai.Mr Maratheftis added that there has been a shift in purchasing habits since the global economic downturn, as people are now predominantly buying completed buildings, rather than investing in off-plan properties, which was common practice a few years ago.Recent studies have shown that investors are far more optimistic about the direction of the emirate's economy than they have been in previous years.Indeed, the latest Consumer Confidence Survey by the Dubai Department of Economic Development indicated that 95 per cent of people living in the city think the emirate's GDP will rise by the end of 2013.By contrast, in the fourth quarter of 2012, only 74 per cent of residents believed the economy was in good shape.The First Group can help you find properties for sale in Dubai Continue reading
Dubai IPS attracts full complement of exhibitors
Organisers of the highly anticipated Dubai International Property Show (IPS) have confirmed that exhibiting spaces are now fully booked.The event – which takes place between April 30th and May 2nd at the Dubai International Convention and Exhibition Centre – will see some of the most prominent building developers in the Middle East showcase their latest innovations.This is the ninth edition of the show and it has gone on to become a major global occasion since it was first launched in 2005.Although the worldwide economy has been in the doldrums in recent years, the IPS still managed to attract more than 18,000 visitors in 2012 and even more investors are predicted to attend the three-day exhibition later this month.Companies from the UAE, Thailand, UK, Egypt, Canada, Cyprus, Turkey, Morocco, Brazil and the Philippines are expected to participate in the real estate extravaganza.Sultan Butti bin Mejren, director general of Dubai Land Department, said the show has once again succeeded in bringing a host of international firms together.Meanwhile, organiser of the event Dawood Al Shezawi suggested that businesses and investors can forge strong relationships during the exhibition and that the 2013 version will be bigger and better than ever.He thinks that the UAE's impressive economic growth and the recent resurgence of the Dubai property market has made the city even more attractive to investors from all over the world.His thoughts are backed up by statistics provided by Deutsche Bank, which showed that real estate prices increased for the 16th consecutive month in March.The fact that property values have shot up by 6.2 per cent so far this year reiterates the point that Dubai is the place to be for global investors.Rents are also soaring, as the demand for temporary accommodation in the emirate continues to grow. This is clearly good news for property owners, as they can make a lot more money than in previous years and they are also likely to make a significant profit when they eventually sell their assets in a few years' time.Click here for your free property investment guide Continue reading
