Dubai property spend to hit US $81 billion

Real estate development is one of the biggest sectors in the Gulf, Al Gergawi

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By  Eudore Chand Published  February 12, 2005

Dubai is to witness development projects worth a total of US $81.7 billion (AED 300 billion) over the next 10 years, according to Mohammed Al Gergawi, chief executive officer of Dubai Holding. Dubai Holding is a public sector umbrella firm for major institutions such as Dubai Properties, Dubai International Properties, Dubailand, Tecom and others with developments worth billions of dollars under its management. “We project to have real estate development projects valued at a massive AED 300 billion over the next 10 years. The real estate sector is growing in the UAE and across the region,” said Al Gergawi after inaugurating the Dubai Property Investment Show at the Dubai World Trade Centre complex earlier this month. The Dubai Holding CEO emphasised the importance of the real estate sector in the growth of the economies throughout the Gulf. “Region-wide, we estimate another AED 150 billion worth of real estate development projects over the next 10 years,” he added. “There is tremendous opportunity in the whole region. Multi-national companies are also trying to share in the growth and are here to showcase their projects. Real estate is one of the biggest sectors in Dubai and the GCC,” pointed out Al Gergawi, adding that as in other sectors, Dubai has become a hub for real estate development too. “This is definitely a rapidly growing sector,” he said. To drive home his point, the top Dubai official pointed out that there were participants from 25 countries at the Dubai real estate exhibition. “Shows like these add value not only to the UAE, but to the whole region,” said Al Gergawi. Organiser Domus Group officials also said that Dubai is leading real estate development projects in the region. Guy Guillemard, marketing director of Domus Group, said, “Dubai is already seen as the driver of growth in the regional real estate industry. This has helped the show to attract professionals and investors from across the globe.” Dubai has been at the forefront of the recent boom in Gulf real estate development, bringing into fashion major reclamation projects that started off with the multi-billion dollar Palm islands projects. It also spearheaded massive waterfront developments with the huge Dubai Marina project.

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