Dubai hospitality projects valued at AED one trillion

Fifty-five hospitality developments to be completed in Dubai by 2016 will share an estimated value of more than Dh1 trillion.

The figure was revealed at Dubai’s Department of Tourism and Commerce Marketing, who said the emirate was set to become one of the most sought-after tourist and business destinations in the world.

Source: Emirates Business 24/7: 9 April 2008

UAE mortgage market to soar

The UAE's mortgage market is expected to leap from Dh20 billion by the end of 2008 to Dh64 billion over the next three years. It is anticipated that more than 60 per cent of home finance will be Shari’ahcompliant.

Islamic banking and finance specialist Sabahuddin Azmi told delegates that outstanding credit in the UAE housing market, which stood at Dh17 billion at the end of 2006, will touch Dh20 billion at the end of 2008 and is expected to rise sharply between now and 2011. Real estate growth is expected to exeed an estimated Dh419 billion during this period.

Source: Gulf News: 8 April 2008

UAE seeing the world through green eyes

While the affects of global warming have been an issue of increasing concern for countries around the world for some time now, it is only recently that people and businesses in the UAE have begun to see the world through green eyes. Environmental awareness in this part of the world is most definitely on the increase and with the Dubai Government making sustainable development a priority, real estate developers are becoming more and more eco aware.

Since the beginning of this year all planned buildings in Dubai have had to conform to eco-aware building principles and now need to be certified by the Middle East Centre for Sustainable Development (MESCD). The centre was established in line with Dubai Strategic Plan 2015 and is intended to help developers obtain green building certification in line with the US Green Building Council's Leadership in Energy and Environmental Design (Leed) rating system.

Source: Gulf News 18 April 2008

Strategic plan objectives reflected in leisure sector projects momentum

The current momentum of projects across the leisure and entertainment sector is a strong reflection of the tourism objectives of the Dubai Strategic plan 2015, as envisioned by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Casting Dubai as a model of economic diversification for the region’s oil-rich countries, the Dubai Strategic Plan 2015 emphasises investment in the non-oil sectors. Thanks to this economic restructuring, non-oil sectors contributed 98 per cent to Dubai’s GDP in 2007, compared to 90 per cent in 2000 and approximately 46 per cent in 1975. Apart from strategic planning and investment in the services and manufacturing sectors, Dubai has turned travel and tourism into a key driver for its on-going economic
development.

Source: Khaleej Times: 18 April 2008