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Local real estate market bullish

Led by both domestic and foreign investment, the total value of developments in the local real estate market could exceed $50 billion by 2010, industry data show.

Gulf News

Led by both domestic and foreign investment, the total value of developments in the local real estate market could exceed $50 billion by 2010, industry data show.

According to Dubai Municipality and the Ministry of Planning's statistics, expatriates have saved up to 12 per cent more than the average in the emirate since 1998 and they have also spent eight per cent more on residency-related expenditure when compared with the average. Then there is the overseas factor.

"The government's success in attracting foreign companies through free zones is now supplemented by the launch of a new strategy to attract tourists and foreign residents to real estate investments by easing foreign ownership laws," said Dr Moham-med Raheef Hakmi, chief executive of Omran Global.

"The government itself is investing billions of dirhams in development of infrastructure and in projects, such as Dubailand, the Dubai International Financial Centre and the Dubai Healthcare City."

His company recently announced the launch of the Al Salam Tower residential skyscraper that will be Sharjah's tallest tower. Omran Global is investing Dh250 million to build the landmark.

The company, which recently commenced new projects with investments of more than $1 billion, is to shortly announce a "huge" development in Dubai. The official declined to provide further details.

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