Dubai Property News
Is Dubai set to be the next big technology hub?
Most people immediately think of the US or Japan when the subject of technology is raised, but Dubai is also building itself a strong reputation in this area.Indeed, Dubai Internet City has already attracted some of the leading companies on the planet – not least Google – and this is a trend that is likely to develop over time.Speaking to Al Arabiya, Omar Christidis, chief executive of ArabNet – a forum for technology start-ups – said the emirate is a “growing hub for digital business”.His comments were made during the ArabNet Digital Summit, which poignantly has been switched from its usual location of Beirut to Dubai, further emphasising just how powerful the city has become in the technology sector.Mr Christidis said the interest in digital corporations has “exploded” since 2010 and this is reflected in the growing number of people attending the summit every year.”We're seeing global companies establish their Middle East – and often their Middle East and Africa – headquarters in Dubai, sometimes even managing Turkey and India based out of Dubai,” he was quoted as saying.”This year we decided to shift the Digital Summit, our biggest international event, from Beirut to Dubai, as Dubai is the hub for digital business in the Arab world.”Earlier this month, a study conducted by the Economic Intelligence Unit on behalf of Citi bank concluded that Dubai is an excellent place to do business, describing the city as an “all-round performer”.Aside from the plethora of technology organisations that have moved to the sheikhdom, plenty of enterprises in other fields have been keen to set up a new base in this part of the Gulf. This is partly attributed to the favourable tax laws in the UAE.The Hot Spots 2025: Benchmarking the Future Competitiveness of Cities report showed Dubai is the leading business destination in the Middle East and is set to be the 23rd strongest market in the world over the coming years. Continue reading
World Expo 2020 bid and new market status buoy UAE economy
UAE presentation in Paris wins appreciation; Nation is awarded emerging market status Paris and Dubai: Wednesday was a red letter day for the UAE, marking a milestone in the nation’s march to economic progress and prosperity on the international stage. In Paris, the UAE ramped up its bid for World Expo 2020 with an impressive presentation. Dubai is competing against Turkey’s Izmir, Brazil’s Sao Paulo and Russia’s Yekaterinburg following the disqualification of Thailand’s Ayutthaya. The UAE also announced a €150 million (Dh726 million) aid package to support the developing countries’ participation at the Expo 2020 on Wednesday, in addition to the €100 million Partnership Fund to support innovative ideas for creating opportunities, mobility and sustainability as part of Dubai’s bid. His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, was present at the presentation at the General Assembly of the Bureau of International Expositions (BIE). Shaikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Shaikh Abdullah Bin Zayed Al Nahyan, Minister for Foreign Affairs, Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman of the UAE Higher Committee for Expo 2020, Reem Al Hashemi, UAE Minister of State and Managing Director of the Higher Committee for Expo 2020 bid, and senior officials were present. In the presentation by Princess Haya Bint Al Hussain, wife of Shaikh Mohammad Bin Rashid, the UAE announced a key initiative, Expo Live, which includes funds to ensure greater participation and aid innovation. BIE officials were full of praise for Dubai’s presentation. “It’s impressive and Dubai is a very strong contender,” Ferdinand Nagy, President of BIE, told Gulf News. Vicente Gonzalez Loscertales, Secretary General of the BIE, is keen to see that the Arab world gets its fair share of exposure in the international exposition. “The UAE’s bid is excellent,” he told Gulf News. The final decision will be made at the next general assembly in Paris in November. In New York, the UAE was awarded the coveted emerging market status and inclusion in the MSCI Emerging Market Index. Both the UAE and Qatar were upgraded in a move that could see in infusion of $800 million in local markets, according to estimates from HSBC in London. UAE shares rose on Wednesday as the Abu Dhabi Securities General Index advanced the most since 2009. Dubai also ended in positive territory and Qatar’s benchmark QE Index surged to its highest level in almost five years. Continue reading
Dubai’s GDP grew by 4.4% in 2012, new figures show
Dubai's gross domestic product (GDP) increased by 4.4 per cent in 2012, new figures have confirmed.According to the Dubai Statistics Centre, the emirate's economy expanded at its fastest rate since 2007 over the course of the year.The city fell on hard times during the global financial crisis – with GDP contracting by 2.7 per cent in 2009 – but this latest report highlights just how strongly it has recovered. GDP rose by 3.5 per cent in 2010 and then increased by 3.6 per cent in 2011.This shows the sheikhdom has been heading in the right direction for a few years now and experts think this trend will continue for the foreseeable future.Bloomberg reports the cost of servicing its debt declined rapidly in the past 12 months, which is another indication that the government has brought things under control. Borrowing costs also plummeted in 2012, the news provider revealed.Unsurprisingly, it was the hospitality and tourism sectors that contributed the most towards Dubai's improved performance last year, with restaurants and hotels having a particularly successful 12 months.More resorts reported increased occupancy levels and this has prompted developers to start erecting new hotels in the most popular parts of the city.This means the construction industry – which had been badly affected by the global economic collapse – has found its feet again and anybody who has visited Dubai recently will have seen the cranes moving once more.Businesses throughout the emirate are certainly confident that things are looking up and a study conducted by the Department of Economic Development last month showed that firms are expecting to boost their profits in the second quarter of 2013.Indeed, as many as 91 per cent of the companies that took part in the survey are predicting bumper revenues during the three-month period.On hearing the results, director of the department His Excellency Sami Al Qamzi said Dubai's construction, aviation, logistics and property sectors are all flourishing. Continue reading
