Abu Dhabi: The Real estate sector is back with a bang in Dubai. Coming close on the heels of a turnaround that the UAE’s economy posted in recent quarters, irrespective of the fact that the world continues to reel under recessionary trends, the Cityscape Global exhibition is another feather in its cap, commented “Khaleej Times” in its today’s editorial.
The visionary policies of the leadership have triumphed, and big businesses are once again tapping on the UAE’s doorstep. The 11th edition of one of the region’s largest international real estate show is already witnessing the launch of mega projects worth billions of dollars and it is definitely going to be a bonanza for sectors like tourism, trade and properties.
“With the prices of oil going up, the region, especially the UAE, boasts the greatest potential to boost business activities, and the confidence that the UAE possesses in terms of its secured institutions and robust infrastructure makes it an ideal place for investments. This is why billions of dollars of new commitments are pouring in, and one hopes that the real estate sector that was jolted during the recession a couple of years ago would be back on track with many ambitious projects such as those unveiled on Tuesday by Al Futtaim and Emaar”, the paper added.
It is no mean achievement that the real GDP growth accelerated to 4.2 per cent year-on-year, up from 1.3 per cent in 2010, and extraordinary activity was witnessed in the wholesale, retail, manufacturing, transport and communication sectors. Resurgent activity by banks in the UAE who are furthering their horizon of lending and investments is another indicator of the confidence that the private sector has in the health of the economy. Had it not been for stringent and principled approach on the part of the government to buoy growth and investment, the turnaround would not have been possible.
“The decision to have a biannual affair of Gitex is a case in point, which goes on to cement the reality that it’s time for a bull run in the UAE. The rise in the purchasing power of the consumer, in the last two years, and the upward graph on savings say it all. The UAE is once again open for big ventures and profits in times to come”, the paper concluded.