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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
Dubai citizens to benefit from free city-wide Wi-Fi?
People in Dubai could soon have access to an outdoor Wi-Fi network as they make their way around the city, according to one tech expert.Rabih Dabboussi, managing director of Cisco Middle East, said internet services are set for major growth across the region and cities in the UAE could be next in line to benefit from network upgrades.Mr Dabboussi told Emirates 24/7 that “city-wide coverage of Wi-Fi” will be a key future trend as technology progresses and people grow more accustomed to being connected to the internet at all times. Outdoor wireless services are expected to rise in prominence, eventually replacing 3G and even the newer 4G services for many users.The publication noted that Dubai could follow in the footsteps of Santa Clara in California, which recently launched a free outdoor Wi-Fi service for the entire community made possible by the installation of smart metering technology.”Today, most of the people are connected, tomorrow everything else will be interconnected,” Mr Dabboussi explained.The senior executive added that Cisco is “focused on assisting businesses and governments in the Middle East to innovate, evolve and increase productivity”.Dubai is now recognised as a hub for technology and innovation in the Middle East, with the emirate's Dubai Internet City and Dubai Outsource Zone recording a 15 per cent growth in tenants last year.The two IT-focused business parks signed up 160 new companies between them in 2012, according to a statement issued earlier this month.Malek Al Malek, managing director of both zones, commented: “2012 was a particularly strong year for our cluster. Not only did we welcome some of the industry's biggest players such as Facebook, LinkedIn and Interglobe, we also saw the expansion of existing partners.”He added that Dubai now offers “a prosperous ecosystem for technology companies”. Continue reading
