UAE property market to grow further in 2014, thanks to Expo 2020

UAE property market to grow further in 2014, thanks to Expo 2020

Steps like regulation of holiday homes and Central Bank’s new mortgage rules will continue to strengthen the real estate industry, says Omniyat’s chief

Dubai, UAE, 14 December 2013: Omniyat Group, the leading real estate development company in the UAE, says that a combination of factors will trigger higher growth for the real estate industry in Dubai during 2014. The factors include Dubai’s successful bid to host Expo 2020 and the recent real estate legislations.

The company added that the international recognition of the country across different sectors is also providing a major boost to the flourishing real estate sector, the most recent of which was the selection of Dubai as the second best sports city in the world for 2013.

“Dubai’s successful bid for hosting Expo 2020 proved to the world that the Emirate in particular and the UAE in general is a leading economic, tourism, construction and commercial hub,” said Mahdi Amjad, Omniyat's Executive Chairman and CEO. “Dubai, because of its distinguished skyscrapers, ports, hotels, exhibitions and malls, attracts hordes of tourists, investors and visitors from all over the world.It has emerged as a key global player that commands undisputed international recognition and status.”

Amjad added: “We felt the impact of the Expo 2020 win on the real estate sector from the first minute the results were announced.”

Amjad said that the introduction of mature legislations, such as regulation of the holiday homes market in Dubai and implementation of Central Bank’s new mortgage rules as of December 2013, along with the Dubai Land Department decision to double the transfer fees on property sales, will go a long way in sustaining the growth of the UAE real estate sector and introducing greater transparency.

The real estate sector has widely welcomed these steps as they seek to protect the rights of all stakeholders and they are expected to further strengthen the real estate industry in the UAE as well as protect other sectors like banking and mortgage.

Amjad said that a key positive of the new Central Bank’s mortgage rules is that it differentiates between end-users and investors, urging for further fine-tuning of mortgage rules that target overseas buyers to ease their purchases and regulate them. This would boost demand, thus motivating developers to increase supply.

Amjad said that beside the Expo 2020 bid success, other recent feathers in Dubai’s cap were the awarding of the 7th International Sports Event Management (ISEM), ranking Dubai as the second best sporting city behind London.  The city was ahead of Oakland, Manchester, Dusseldorf, Johannesburg, Istanbul, Sydney and others.

Amjad concluded: “This global recognition of Dubai’s sporting prowess will be a major pillar in the further development of the real estate industry.”

SUCCESSFUL EXPO 2020 BID TO STIMULATE UAE MEETINGS INDUSTRY

SUCCESSFUL EXPO 2020 BID TO STIMULATE

UAE MEETINGS INDUSTRY 

MICE sector professionals and GIBTM exhibitors predict exponential growth in business events as global attention focuses on UAE’s world-class MICE infrastructure

Dubai’s successful World Expo 2020 bid will accelerate economic growth throughout the UAE and MENA region, will provide renewed stimulus to the meetings and incentives sector according to industry experts and executives at Reed Travel Exhibitions, organisers of the Gulf Incentive, Business Travel & Meetings (GIBTM) showcase.

“The UAE will be the first ever Middle East nation to host the World Expo, bringing an anticipated 25 million visitors to Dubai, 71% of whom will hail from overseas,” said GIBTM Exhibition Manager Lois Hall.

“This will raise the profile of the UAE even further, highlighting its status as a global meetings hub before, during and after the event and supported by an estimated US$7 billion worth of transport and tourism-related infrastructure development.”

Hall highlighted Bank of America Merrill Lynch predictions that the event could positively impact UAE GDP by as much as $23 billion between 2015 and 2021 and add 277,000 new jobs.

“If you the  consider Alpen Capital’s estimate that UAE tourism receipts will increase by 67% over the next five years, it puts the meetings industry in pole position to capitalise on this historic opportunity,” she added.

HE Mubarak Al Muhairi, director general, Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi), said: “The Expo will deliver global exposure for the entire UAE and its tourism sector, including its world-class infrastructure. 

“Those arriving to visit Expo 2020 will no doubt be open to discovering other parts of the country and its many facets both from a cultural and tourism perspective.”

Dubai Convention and Events Bureau (DCEB) director of convention and business tourism Steen Jakobsen said the Expo would “position Dubai in the minds of so many people involved in the decision-making process for congresses and meetings”.

“They will look on Dubai and know it’s hosting the Expo, which will give them confidence; if they believe Dubai is capable of hosting an Expo they will know it is capable hosting their meeting,” he said.

Dr Ahmad Belhoul, CEO strategy and tourism sector development, Department of Tourism and Commerce Marketing (DTCM) said hosting an Expo was a “once-in-a-lifetime opportunity” to be part of a dynamic international agenda that “established global partnerships to boost economies, bridge geographical divides by increasing connectivity and trade, and encouraging sustainable growth and development”.

The MICE sector currently generates AED 2.4 billion (US$653 million) per annum for the UAE capital alone, with annual growth of at least 7% predicted for the industry by 2020, taking its contribution to more than AED 5.1 billion ($1.39 billion) by the time the Expo takes place.

Martin Sirk, CEO of the International Congress and Convention Association (ICCA), congratulated Dubai’s Expo win and said: “Having seen first-hand what a tremendous developmental and marketing impact the Expo made in 2012 on Shanghai, where ICCA has just held its own global congress, I am sure Expo 2020 will prove to be a massive stimulant to the entire (GCC) region’s meetings infrastructure and industry in general.”

ICCA, is just one of several key industry partners and exhibitors at the upcoming edition of GIBTM, which takes place at Abu Dhabi National Exhibition Centre (ADNEC) from 24-26 March 2014.

The show has recently confirmed participation from Bahrain and Qatar, which along with Jordan, will participate in GIBTM’s inaugural post-show familiarisation trip programme for Hosted Buyers.

Other new initiatives for GIBTM 2014 include Business Travel @GIBTM, which offers a full day of networking and educational opportunities for this specific sector; the first-ever GIBTM-hosted ‘Market Focus on Asia’ event along with a dedicated Asia Pavilion; and the sourceme Pavilion, in partnership with Nicholas Publishing InternationaI (NPI), which will showcase the region’s leading event service suppliers.

For more information, please log onto www.gibtm.com

GIBTM

GIBTM forms part of the Reed Travel Exhibitions Meetings, Events and Business Travel Portfolio along with AIME (www.aime.com.au), GIBTM (www.gibtm.com), CIBTM (www.cibtm.com), AIBTM (www.aibtm.com) and IBTM Africa (www.ibtmevents.com/ibtmafrica) IBTM India (www.ibtmevents.com/ibtmindia)

GIBTM is the annual global meetings and incentive exhibition held in Abu Dhabi, UAE.  GIBTM is ABC Audited every year to guarantee that the number of visitors promoted is completely accurate and are unique attendees only.

Reed Travel Exhibitions

Reed Travel Exhibitions (RTE) is the world’s leading provider of exhibitions in the travel and tourism industry, with a wide-ranging portfolio of 20 international events in 13 countries throughout the Americas, Europe, the Middle East, Asia Pacific and Africa. Its market-leading, business-to-business events cover all elements of travel and tourism, including leisure travel, luxury travel, meetings, events, incentives and business travel, as well as golf, ski and spa travel.

RTE is part of Reed Exhibitions.

www.reedtravelexhibitions.com

Seven in ten visitors to Omniyat stand at Cityscape mentioned Expo 2020

Seven in ten visitors to Omniyat stand at Cityscape mentioned Expo 2020

Mahdi Amjad: “Investors looking at Expo as a catalyst to boosting Dubai’s image as global real estate hub”

Dubai, UAE, 13 October 2013: Omniyat, a leading developer in the Middle East, has said that 7 out of 10 visitors to its stand at Cityscape Global 2013, mentioned in one way or another Expo 2020.

According to Mahdi Amjad, Omniyat's Executive Chairman and CEO, this indicates the extent of influence the Expo 2020 has on investors and how the likelihood of Dubai winning the bid is acting as a catalyst to boosting Dubai’s position as a global real estate hub.”

Amjad said that there was a positive link between winning the bid and the graph of Dubai’s real-estate in the global market, and added that Dubai had already earned an international image that will surely be further boosted by winning the bid.

He said he is extremely optimistic about Dubai’s bid and added that he was impressed by the collaborative efforts between public and private sectors to attain this goal.

Amjad added that the new creative inputs into the global real-estate sector made by Dubai makes the Emirate an ideal location to host the Expo, backed by the huge investments exerted by Dubai government in infrastructure.

Speaking at the conclusion of Cityscape Global 2013, Amjad said: “At Cityscape, we highlighted ‘The Opus’ that will be an outstanding icon on the skyline of Dubai. We also showcased The Pad, which brings a slice of Miami to Burj Khalifa District through an artistic edifice tilted at 6.5 degrees.”

Dubai enters the final draw of Expo 2020 with competing cities of Izmir in Turkey, Yekaterinburg in Russia and Sao Paulo in Brazil. Experts at Cityscape pointed out that the Dubai had the highest chances of winning the bid and host the show for 6 months.

Amjad added: “Dubai is very well-equipped to host Expo 2020 as it has battled its way to the top.”

If Dubai wins the bid, the emirate will attract millions of visitors who will explore diverse pavilions, exhibitions and cultural events staged by hundreds of participants,including nations, international organisations and businesses in Dubai.

The Shanghai 2010 World Expo brought attention of 73 million people, while the next World Expo takes place in Milan, Italy, in 2015. And Dubai is almost on the way to be a successful host of Expo 2020.

DUBAI DESIGN DISTRICT AND EXPO 2020 TO POSITION DUBAI ON THE WORLD MAP OF DESIGN HUBS

DUBAI DESIGN DISTRICT AND EXPO 2020 TO POSITION DUBAI ON THE WORLD MAP OF DESIGN HUBS

31 July 2013:

DUBAI, UNITED ARAB EMIRATES: Dubai’s thriving design industry is a key asset in the Emirate’s bid to host EXPO 2020, by providing like-minded individuals with a home and community from which they can collaborate, connect and inspire innovative design in preparation to welcome the world to the UAE.

Given this focus on innovation, Dubai is well placed to host the Expo as UAE is the highest ranking Arab nation in the Global Innovation Index, ranking in the top five countries for innovation linkages and intangible assets in the creative output dimension. These acclimations also align directly with the long-term goals of Dubai Design District.

Dubai Expo 2020’s strategic theme, ‘Connecting Minds, Creating the Future’ is closely aligned to that of the recently announced Dubai Design District (d3), a full service community for design industry related organizations, brands, and supporting enterprises. In addition to contributing to Dubai’s economic diversification and growing knowledge economy, the two projects will positively contribute to Dubai’s credentials as a global center for these sectors.

Dr Amina Al Rustamani,Group CEO of TECOM Investments, responsible for creating and delivering d3 said: “Should Dubai be awarded as the host city of Expo 2020, it would be the first time the event has come to the MENASA (Middle East, North Africa and South Asia) region. Expo 2020 is a significant opportunity for Dubai to share its unique design talent, exchange ideas with sister nations and explore new avenues of collaboration. As the home of the regional and international design community, d3 will provide a centre of gravity for international designers and design enthusiasts leading up to Expo 2020 and a platform of support throughout the event itself. Our key objectives as d3 are to facilitate the on-going growth of the Emirate and to facilitate employment across the value chain.

“Investors, designers, and brands from all over the world are welcome at d3 and there is a huge variety of ways to get involved. From offices to retail units, manufacturing space to exhibition galleries, we are creating a community that will act as the heart of the industry within the Middle East. By linking thoughts, beliefs, opinions, cultures, and communities through encouragement of cultural exchanges between the host city and participating countries and alignment of innovation ideas with a view to stimulate economic growth”

According to Business Monitor International, the UAE’s retail market will be worth AED 151 million by 2015. The remarkable growth seen in the sector over the past twelve months was in part due to 12% growth of Dubai’s luxury goods market. d3 aims to capitalize on this market potential by becoming the center of gravity for design, fashion and luxury as businesses within these industries flock to the Emirate to showcase their creations to one of the most diverse communities of consumers in the world.

Tourists account for 40% of global luxury spend so the potential of this market in terms of revenue generation is substantial. By growing this figure in line with Dubai’s Tourism Vision 2020, the Emirate has the potential to eclipse London as the capital of retail spending.

Dr Amina Al Rustamani continued to say: “Since we launched d3, there has been a huge amount of interest from international designers, design academies and even boutique hotels wanting to speak to us about becoming part Dubai’s design story by locating their activities in d3. Our commitment to the goals of Dubai’s Tourism 2020 Vision, combined with our network with international firms will enable us to nurture local talent and promote home-grown designers on an international scale. In doing so, we have created one location where customers from Dubai and tourists from overseas, have access to a unique bouquet of local, regional and international design offerings.”

In addition to positioning Dubai as a genuine community for the design and fashion industries that can compete on the global stage, d3 aims to increase the role of contemporary regional fashion and identify the specific needs of the regional and global companies considering Dubai and d3 as a base.