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UK aims to help British firms in the UAE
The UK Department of Trade and Investment (UKTI) and British Business Groups in Abu Dhabi and Dubai have struck a deal that will benefit companies in the UAE.New business centres will be set up to help British small and medium-sized enterprises (SMEs) that are looking to conduct more trade in the Middle East.More and more firms have recognised the immense potential of the UAE and it is no surprise that some of the world's major companies now have bases in Dubai.Of course, SMEs do not have the same amount of financial muscle or international experience as the mega-rich corporations that reside in the city's thriving business districts, so these new centres could prove to be crucial.It is an agreement that everybody will benefit from, as British SMEs will receive expert help, which will in turn boost the UAE economy. Indeed, the UK and UAE governments have set a target of increasing trade between the two nations by 60 per cent (based on 2009 levels) by 2015.Dominic Jermey signed the memorandum of understanding for the UKTI and he has high hopes for the venture.”Lord Green's initiative is a great opportunity for the government to work with business in delivering a range of services to UK companies wanting to set up in the UAE,” he remarked.”It will create a platform for UAE and UK SMEs to work together across the emirates to increase bilateral trade, but also in getting companies to work together in third countries.”There has hardly been a better time for businesses to expand into the UAE, as companies already operating in the Middle Eastern country are confident of boosting their profits in the future.A recent study by the Department of Economic Development showed that 91 per cent of firms in Dubai think their revenues will have grown by the end of the second quarter of 2013. In addition to this, nearly a quarter of the survey respondents expect to hire new staff during the three-month period. Continue reading
Dubai apartment rents rose in Q1, report shows
The incredible demand for luxurious apartments in Dubai enabled landlords in most parts of the city to increase their rents in the first quarter of 2013.A new report by Bayt.com suggested that people are falling over themselves to rent out plush apartments in exclusive areas and this is playing right into the hands of savvy property investors.Downtown Dubai is still one of the most popular regions and landlords have had no trouble finding long-term tenants who are willing to pay a premium to live in such a nice part of the sheikhdom.Indeed, the average rent on a studio apartment in Downtown Dubai rose by 2.3 per cent in the first quarter of 2013, while the asking price for one and two-bedroom properties went up by 4.2 per cent and 4.7 per cent respectively.Unsurprisingly, the Palm Jumeirah has also proven to be a hotspot for property investment in recent months and this latest report explains why this is the case.Rental prices soared by an astonishing 27 per cent year-on-year and this was mainly attributed to the strong demand coming from high-earning expatriates.The Dubai Marina is also as popular as ever, although rent increases have plateaued slightly due to the sheer number of beautiful new buildings being erected in the area. That said, demand is still robust and investors can expect to see rental rates go up again in the near future.According to Bayt.com, the villa market also performed very well in the first quarter of 2013, with sale and rental prices on the up.As such, it is no real shock that Knight Frank recently included Dubai among its top five real estate markets on the planet.It stated that only Jakarta, Bangkok and Miami could compete with the emirate when it came to property price hikes, as the value of luxurious buildings in Dubai rose by an impressive 18.3 per cent between March 2012 and the same month this year.The First Group can help you find apartments for sale in Dubai Continue reading
Neighbouring emirates benefit from high Dubai rents
The strong demand for properties in Dubai has enabled landlords to significantly increase their rents in recent months and this is having a knock-on effect in neighbouring emirates.Cluttons has revealed that many people looking to relocate to the UAE have been priced out of Dubai and are instead heading slightly further north to Sharjah, the National reports.This has inevitably led to rising rents in the smaller emirate, with property brokers confirming that rates have soared by 15 per cent in the last six months. Experts also predict a further 15 per cent increase in the second half of 2013.In more exclusive parts of Sharjah, landlords are demanding rents that are almost at the same level as those charged in 2007 when the real estate market was booming.Shane Breen, associate director at Cluttons in Sharjah, told the news provider: “Landlords are taking advantage of higher rents in Dubai and tenants are paying.”He added that the massive demand for rented accommodation in this particular emirate has caught the attention of property investors.”Investors are not looking to develop their own projects at the moment but we have seen a number of these people coming in and buying existing buildings,” Mr Breen was quoted as saying.It does not take long at all for Sharjah residents to travel into the heart of Dubai and there is every chance that transport networks between the two emirates will be strengthened in the near future.Migrants continue to flood into the UAE in search of better job opportunities and a more relaxed way of life, which is having an impact on property availability.Farouk Soussa, the chief economist in the Middle East for Citigroup, told the same news provider that he expects Dubai house prices to go up by 35 per cent this year and rental rates will rise by a similar amount.His comments came shortly after the Dubai Statistics Centre confirmed that property prices increased at their fastest rate for more than three years in April 2013.The First Group can help you find perfect properties in the UAE Continue reading
