Congratulations to His Highness Sheikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai on the birth of his daughter, Sheikha Hind.
May Allah grant you and your new family all the health and happiness on this joyous…
By: Hussain Sajwani, DAMAC Properties Chairman
The transformational journey of Dubai into a futuristic city within a few decades is truly inspiring. Built on the comprehensive and inclusive vision of a wise leadership, and a vibrant population that is made up of people from all corners of the world, the UAE represents one of the largest and most diversified economies in the Arab world.
In his book, “Flashes of Thought”, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and the Ruler of Dubai, highlights that Dubai was built on trade, and not oil. A dynamic and well-developed business infrastructure, pro-growth policies and a culture of innovation make Dubai and the UAE a global business hub. In 2019, the country was ranked 16th in the World Bank’s Ease of Doing Business rankings.
A resilient city
During the peak of the coronavirus pandemic, as the global economic engine slowed down, Dubai, just as other economic powerhouses, experienced a dip in its economic performance. However, a quick and effective government response to the pandemic, lucrative investment options and above all, a slew of government initiatives and policies ensured that Dubai retained its appeal for global investors. As a result, things are starting to look up once again. Renowned for its ability to emerge stronger from crises, Dubai has all the pieces in place to boost the economy.
Perhaps one particular sector that highlights Dubai’s success story is the Real Estate sector. From skyscrapers that ushered the gulf futurism movement in architecture, to wholesome mixed-use communities, the real estate sector has blossomed as a reflection of Dubai’s growth.
Dubai’s future-proof economy is based on a solid foundation of political stability. While the Middle East has suffered political turmoil and turbulence in the form of war and unrest, the UAE remains a beacon of peace in the region. Many people from unstable areas turn towards the UAE to invest and safeguard their wealth. By building on Sheikh Zayed’s principles of peace and tolerance, the leaders and the people of the UAE have created a place where people from all over the world can invest, work and enjoy a good quality of life, irrespective of race, religion and cultural background.
The UAE government has always supported innovative approaches to business, which has elevated Dubai’s value proposition to investors. The introduction of investor-friendly policies such as the long-term visas for investors, the five-year retirement visa, and 100 per cent foreign ownership of businesses in most sectors, has further boosted confidence amongst foreign investors. As a result, despite the economic impact of the pandemic, Dubai’s real estate market recorded transactions worth AED 72.5 billion in the first half of 2020.
The promotion of digitisation by the Dubai Real Estate Regulatory Authority (RERA), to connect realtors and investors on a hassle-free and secure digital platform exemplifies Dubai’s commitment to simplifying real estate transactions to adding value for all stakeholders. The launch of the Real Estate Self-Transaction (REST) by the Dubai Land Department (DLD) further facilitated efficient and faster transactions. REST was launched as a marketing campaign by the Dubai Government as part of the Dubai 10x initiative. This initiative envisions a Dubai that is ahead of the world by ten years. All property transactions from 2018 were digitised as a result.
Pandemic response and effects
Dubai has always been considered one of the safest cities in the world in terms of crime. However, during the COVID-19 pandemic, Dubai once again proved its resilience and people-focused approach to health and safety. The UAE government’s rapid and effective response to combat the global health crisis has been phenomenal.
On the health and well-being front, decisive measures taken by the UAE government to combat COVID-19 and keep residents safe have also helped position the country as a safer place, compared to other cities around the world. In a comparative analysis of Top 30 leading countries published by the Deep Knowledge Group on several “big data” metrics, the UAE ranked 10th on the COVID-19 Safety Rankings.
Additionally, the latest Global Liveability Index issued by the Economist Intelligence Unit has hailed Dubai and Abu Dhabi as the top two most liveable cities in the MENA region. This has helped boost Dubai’s property transactions, in the face of challenges posed by the pandemic.
A promising future
The Dubai government’s unwavering support for local and global investors has paved the way for real estate growth in the region, the emirate’s continuous socio-economic development, and its strong international ties have helped position Dubai as a safe and lucrative investment destination.
Smart government practices and stimulus packages have made Dubai more resilient against global economic headwinds and crises. As the worldwide market begins its slow path to recovery, Dubai finds itself in a unique position to emerge stronger than ever before. A clear signal for global investors who are looking for safe options and high returns.
By: Hussain Sajwani, DAMAC Properties Chairman
The transformational journey of Dubai into a futuristic city within a few decades…
While the above statement has held true for decades, our understanding of it continues to evolve. Du...