Dubai to play 'a bigger role in global business community'
DUBAI, January 27, 2016
Dubai has been named among five cities that are set to play a bigger role in the global business community in the coming years, according to a report.
The Global Cities 2016 Report published by Knight Frank, a leading independent global property consultancy, said the emirate has pulled clear of past difficulties and is expanding as a hub for investment, tourism and transport.
International investment is more likely to look at either established centres or emerging cities that have moved into the global league, it said.
The report expects property investors to seek a balance of growth and diversification in a global property portfolio.
Hafeez Abdullah, chairman of 'The H Holding Enterprise,' a renowned investment group in Dubai, said: “Dubai is developing mega projects, mainly airports, in order to maintain the momentum behind its commercial success.
“The emirate is playing a dominant role in building new business districts, developing new residential projects, shopping centres, leisure facilities, and offices.”
“Dubai realty market is well geared to tackle difficult market situations. We are witnessing strong interest from investors keen to benefit from lower market prices,” added Abdullah.
Over the past 15 years, Dubai has become a city of superlatives - boasting feats like the tallest building, the largest shopping mall, and the biggest manmade island, to name a few, according to the report.
More recently the emirate added 'the busiest international airport' to the list.
In 2014, Dubai International overtook London Heathrow to become the world’s air travel hub, handling more than 70 million passengers – compared to the latter’s 68.1 million.
“We see a promising 2016 ahead, though at a slower pace of growth, given the market scenario. We believe this is normal, and could be a natural stabilization in any realty market around the world,” added Abdullah. - TradeArabia News Service
