Composed of seven quasi-independent emirates including Dubai, the United Arab Emirates (UAE) is a healthy, booming economy experiencing 4.4 percent growth in 2012 that number increasing by the day. This huge growth spurt is much more than other advanced economies including the United States and all of Europe. The growth the cosmopolitan “City Of The Future” is witnessing today, although not as rollicking as the 263 percent GDP experienced between 1990 and 2003, is no longer the risk or wild ride of that era. The government has enacted a series of new regulations to add stability to the real estate market and to build steady, sustainable growth in all sectors of the economy including finance, trade, tourism, retail, IT, manufacturing and shipping.
Once a small trading port, Dubai is now a recognized hub of international commerce. Strategically situated between Asia and Europe the emirate, although rimmed by war, represents a safe haven of financial stability in a region of chaos. The emirate has fostered strong trading ties with its wealthy oil neighbors within the UAE as well as other affluent countries in the region.
The main economic center of the UAE, Dubai has a right to be proud. Dubai has developed strong trade relationships with Saudi Arabia. The world’s largest exporter of petroleum, Saudi Arabia seeks profitable investment opportunities regionally as well as internationally and Saudi dollars are pouring into the economy through trade and tourism. Dubai is a magnet for money as well as a natural local outlet and breathing space for affluent Saudi Arabian citizens to enjoy a less restrictive social environment. Dubai also has close bonds with Iran, a country currently enduring crisis level political unrest as warring ethnic groups compete for power. Dubai is seen as a safe harbor for capital that is at risk in a country torn apart by diversion.
The Dubai Department of Tourism and Commerce Marketing (DTCM) after years of aggressive marketing and planning successfully marketed the city as the location for World Expo 2020, a milestone that will bring in a predicted $40 billion dollars into the economy and account for more than 25 million visitors.
Tourism is an integral component of the explosive growth within the emirate and currently accounts for over 35 percent of the country’s economy. That number will increase dramatically as 2020 approaches. No longer dependent on oil production, Dubai is focused on attracting new business development and is becoming a more serviced based economy. While still involved in petroleum production, oil only counts for 6 percent of the GDP. In anticipation of the World Expo 2020, construction is proceeding at a robust pace for hotels, meeting centers, shopping malls, entertainment venues, apartment and prestige residential condos and villas. Real estate values are skyrocketing. Investors once wary of a repeat of the financial collapse of 2008-09 are enthusiastically participating in projects once again, reassured by government moves to prevent property “flipping” or selling immediately after to purchase by requiring a 40 percent payoff of the mortgage before a title can be transferred.
The emirate of Dubai makes it easy to do busy, stating, “Many overseas businesses are already aware of the advantages Dubai has to offer, but that is a very different situation than actually seeing those advantages in operation. People will come to understand that our free zones are not a minefield of bureaucracy, but a straightforward, easy to navigate means of working from the Middle East’s most vibrant economy, with the most advanced infrastructure and zero corporate and personal tax. Suddenly, the dream becomes a reality. At Dubai Airport Freezone, we offer full turnkey solutions which take care of visas, office equipment, driving licenses, bank accounts and everything in between, so that our clients can concentrate on their businesses from day one.’’’
As investors stampede to get in on the real estate explosion, Ozone Real Estate, a internationally known major player in Dubai development stands ready to assist foreign investors in finding the perfect property for their purpose. India born billionaire businessman Tej Kohli, CEO and founder of Ozone Real Estate notes, “I started the Ozone Group in 2008 as a company that would help investors make maximum profits from the investment opportunities in Dubai and Abu Dhabi. After five years of rigorous business Ozone Real Estate is capable of offering all real-estate related services, the most popular being investment, sales and marketing management and property development. The company continues to expand with interests in commercial and residential property across the UAE, but refuses to compromise on the need for quality developments that will make life convenient and comfortable for the community. We are currently looking to expand our presence in Dubai, and we have our eyes on other equally prestigious markets around the world.”
With $7 billion earmarked for investment in further development, Dubai will continue to grow in status and new heights of business potential. The exposure and prestige of being host to World Expo will mark a milestone on a glorious journey into the future.