Dubai’s boom is going from strength to strength, according to companies in the emirate.
Leading investment company Dubai Investments PJSC [DI]‘s subsidiaries such as Glass LLC, Dubai Cranes and Emirates Building Systems, have begun expanding their production capacities as demand increases across the emirate. Glass LLC Industry estimates value current construction work in Dubai at AED660bn (around US$180bn).
Mr. Khalid Bin Kalban, Managing Director and CEO of Dubai Investments PJSC said: “The growth cycle in UAE’s real estate market has just begun. Generally, the real estate is a five-year growth cycle… and we are just at the start of the first year. So we still have four years of growth ahead of us. All indications show that this growth is sustainable. Naturally, this offers us a huge opportunity.”
Meanwhile, Propertyfinder.ae, Dubai’s leading property portal, reported that the 2014 International Property Show had a “huge buzz”, reflecting the return in confidence in the UAE’s real estate sector.
The company agrees that the current boom is sustainable, “Whilst the upswing in property prices and capital growth has been significant, the increases seem sustainable as not only is the focus shifting from primary to emerging markets, the industry is also smarter this time around. …read more