Dubai witnessed a 4.5% gross domestic product growth last year, and a 6.5% rise in employment, driven by long term planned infrastructure and the ideal investment environment offered by the emirate, according to an expert.
Quoting these figures, Hafeez Abdullah, chairman of ‘The H Holding Enterprise’, a leading investment firm in Dubai, said that the situation has improved further this year, indicating stronger economic growth in the short term.
The recent ‘Monthly Insights’ report published by Emirates NBD based on economic data revealed that the UAE economy expanded in the first quarter of the year, notwithstanding relatively lower oil prices.
The H Holding Enterprise, which is the mother company of several firms, including Omega Real Estate, witnessed significant increase in its operations since its official launch last year. Omega diversified into facilities management, foreseeing the growth potential of this sector.
A significant increase in non-oil export orders suggested that the manufacturing sector is holding up well, supported by low commodity prices and regional demand, said Abdullah.
Also to be considered is Expo 2020, which is now just five years away, whetting the investment appetite of local players keen to be part of this mega global event, he said.
“Looking closely at the changes in the international market give us optimism about the UAE market. We are determined to achieve our target of building a portfolio of Dh500 million ($136.1 million) by the end of the year,” Abdullah noted.
“Regional and international investors are the key drivers of the UAE real estate industry. Competition is still on the rise and Dubai’s market holds great potential for new investors. We are satisfied with the results achieved so far, and definitely expect this growth to continue in the second half of 2015,” he added.
Source: Trade Arabia