Growth in the Dubai property market will slow to single-digit levels for the foreseeable future, according to Hussain Sajwani, the founder and chairman of Damac Properties, one of the UAE’s flagship developers.
Damac’s business has boomed along with the increase in prices, with big projects launched in Dubai over the past 12 months. But the firm is unlikely to embark on further “mega-projects” over the next five years, unless more land becomes available.
“We always look for new opportunities, but you’ve got to find the right one. If another parcel of land becomes available, we might be interested, but as things stand we have sufficient land and financing for the next five years,” he said.
Damac has three big projects under development in Dubai: two big villa and apartment complexes – Akoya and Oxygen – on adjoining sites, as well as the Damac Tower project with the Hollywood group Paramount near the Burj Khalifa area.
1,000 people polled by graduate business school Insead chose city ahead of campuses in France, Singapore and Abu Dhabi.
The survey asked respondents of 35 different nationalities to rate 15 key cities in the world in terms of economic dynamism (quality of labour, access to funding); quality of life (sports and cultural facilities, air quality); cost of living (real estate, dining, entertainment) and overall attractiveness (young talent, access to technology).
Dubai emerged as the overall winner and ranked first in economic dynamism, third in overall attractiveness and fourth in terms of quality of life and cost of living.
Dubai Crown Prince calls on all residents to join efforts to make the city an innovation hub.
In the presence of Shaikh Hamdan, Mohammad Abdullah Al Gergawi, Minister for Cabinet Affairs and Director-General of the Executive Office of Shaikh Mohammed bin Rashid; and Abdullah Al Basti, Director-General of the Executive Office, briefed Shaikh Hamdan on the details, objectives and initiatives of the strategy and the implementation time frame.
The Dubai Strategy for Innovation is built in coordination with the National Strategy for Innovation as Shaikh Mohammed has tasked Shaikh Hamdan with leading the innovation efforts in Dubai.
Shaikh Hamdan has affirmed that Dubai Strategy for Innovation is the fruit of Shaikh Mohammed’s directives to make Dubai a global hub for innovation. Shaikh Hamdan said, “Dubai has all requirements to become the world’s most innovative city. We have Shaikh Mohammed’s vision and unlimited support for innovation, and we have the tools to lead the world in this aspect. We also have an integrated teamwork from the public and private sectors. We are on the way to achieve our objectives.”
He added, “Through Dubai Strategy for Innovation, we hope to catalyse the city’s ability to innovate and open the door for individuals and organisations to generate new ideas to develop performance and achieve better results.”
He also asserted that Dubai expects its residents and visitors to take part in this drive, and the all Dubai’s community elements must join efforts. Shaikh Hamdan directed all parties concerned to coordinate efforts and work like one team to achieve the strategy’s objectives.
The Dubai Strategy for Innovation generally aims to make Dubai the most innovative and creative city in the world through introducing 10 major pillars supported by a number of initiatives that will expand cooperation between the public and private sectors, education sector, entrepreneurship and global networks in addition to Dubai’s citizens, residents and visitors.
Dubai’s 10 major innovation pillars includes inspiring leadership with innovative vision, innovative and integrated government, proactive private sector, qualified and informed citizens, an environment that promotes creativity and teamwork, innovation is a public responsibility, positive energy that can overcome challenges, risk assessment and management, resources management and international network.
The project financing will fund construction of the parks, along with equity provided by Meraas investment group and the $689 million initial public offering (IPO) of 40 per cent of Dubai Parks and Resorts.
Dubai Park and Resorts is part of property developer Meraas Holding, which is owned by Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum.
A booming population, rise in income levels and improved returns on investment in education are boosting growth in Dubai's school sector.
Dubai will need an additional 77,000 student places, translating into 51 new schools by 2020, according to a new report.
Total additional investment required to meet these needs will total $2 billion over the next six years, research firm Colliers International, the report author, found.
Repayment in time reflects government's commitment to repay all liabilities as per schedule: Al Saleh
In August, the emirate's real estate giant Nakheel repaid all of its $2.15 billion (Dh7.9 billion) bank debt almost four years ahead of schedule.
Abdulrahman Al Saleh, director general of its finance department, said the Nakheel repayment demonstrated Dubai's commitment to honour its financial obligations on time.
He said the repayment in time reflects the government's commitment to repay all liabilities as per schedule.
The government, Al Saleh said, was keen to pay all the financial liabilities in accordance with the schedule, noting that "it is a huge step, which highlights the clarity of vision of the government about the future. It also reflects great confidence reposed by regional and international business communities on the Emirate of Dubai."
The world famous fleet of police cars from Dubai gather in the car park at the Grand Parade before leading the pack on a tour around the city.
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