Trump says he's 'not thrilled' about Israel's strike in Qatar targeting Hamas    Warsaw airport shut after Ukrainian reports of Russian drones over Poland    Macron appoints outgoing defense minister Sébastien Lecornu as prime minister    Approving China embassy would be unlawful, UK government told    Tunisian president meets Saudi foreign minister in Tunis Prince Faisal co-chairs Saudi-Tunisian Political Consultation Committee meeting    Arcapita acquires C&K Paving, expanding its global business services portfolio    Crown Prince to outline domestic and foreign policy priorities during Shoura Council address Wednesday    Hajj Ministry launches catering challenge to foster innovation in services to pilgrims    Saudi Arabia slams Israel's use of blockade and starvation as tactics to impose forceful displacement    PIF chief says Saudi transformation could outpace China's, outlines 'filtration' investment process The Fund to unveil its next five-year strategy soon    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Saudi Real GDP records growth of 3.9% in Q2 2025    PIF signs MoU with Macquarie Asset Management to boost investments in infrastructure and energy transition    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    French doctor goes on trial for poisoning 30 patients, 12 fatally    The key to happiness    Gamers frustrated as Hollow Knight: Silksong crashes stores on launch    Mike Tyson and Floyd Mayweather Jr. set to meet in exhibition boxing match in 2026    Al Hilal sign Turkish defender Yusuf Akcicek on €22m deal until 2029    Al Qadsiah sign German midfielder Julian Weigl to strengthen defensive midfield    Al Ahli secure Flamengo starlet Matheus Gonçalves in long-term deal through 2027    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



UAE government initiatives set to drive demand in property market
Published in The Saudi Gazette on 01 - 02 - 2020

Major steps by the government and an increased number of pro-growth initiatives over the past year will boost sentiment and drive demand in the UAE's real estate market according to JLL's 2019 Year in Review report released Saturday.
While most sectors across the real estate market remained challenged in the UAE during 2019, pro-growth government initiatives, rising investment ahead of Expo 2020 Dubai and expansionary fiscal stances by the federal and local governments will further improve the broad economic backdrop this year, the report said.
Last year saw the introduction of several government initiatives to boost the hospitality sector, such as the exemption of the visa fee for transit passengers and a focus on increasing the popularity of Dubai in the cruise industry, among others. While, overall, the hotel sector witnessed subdued performance in 2019, the demand is expected to recover considerably with various government initiatives set to take effect this year, and the expected strong visitor growth associated with Expo 2020 Dubai. Other popular events such as the annual Formula 1 Etihad Airways Abu Dhabi Grand Prix in Abu Dhabi will also continue to attract international visitation to the UAE.
"Large-scale projects, new visa rules and Expo 2020 Dubai will boost tourist arrivals in the coming months," said Dana Salbak, Head of Research MENA at JLL. "Around 25 million visitors are expected in Dubai from 192 countries during Expo 2020 Dubai alone. These factors have ensured the hotel market, specifically, will maintain healthy performance levels, continuing the UAE's status as a major global tourist and business destination. That said, in the year ahead, market performance will also heavily depend on how quickly some of the newly announced initiatives take effect."
UAE GDP grew at around 1.9% in 2019, higher than 1.7% in 2018 and is expected to grow 2.2% in 2020. Dubai also recently announced a budget of AED 66.4 billion for 2020, the largest ever annual budget approved. Additionally, a recent initiative declared "2020: Towards the next 50", will this year witness the biggest national strategy to prepare for the coming 50 years on the federal and local level as the country approaches its Golden Jubilee in 2021.
"Both Dubai and Abu Dhabi, which comprise the lion's share of the UAE GDP, are embarking on major stimulus plans to facilitate doing business, whilst continuing to attract foreign direct investment, retaining human capital and improving the overall business environment," added Salbak.
Meanwhile, the office market remained in favor of tenants for all of 2019 and the trend is expected to continue in the year ahead as well. JLL's report highlights that steps taken by the government to attract new tenants, such as, making business conditions favorable by reducing costs and restrictions on ownerships, are expected to improve demand in the long run. — SG


Clic here to read the story from its source.