UAE property sector is key growth driver

27/07/2015 05:48 AST

DUBAI: According to the UAE Economic Report 2015 by Bank Audi, the real estate sector is considered one of the key drivers of the country’s national economic activity.

Both Abu Dhabi and Dubai markets recorded a positive yearly change in terms of performance and prices in the residential and office markets.

UAE investors’ top three goals are buying a new home (25 per cent), starting or investing in a new business venture (21 per cent) and retirement (13 per cent), according to Franklin Templeton Global Investor Sentiment Survey.

Hafeez Abdullah, Chairman of ‘The H Holding Enterprise’, said that the survey which polled over 11,500 investors in 23 countries showed that the UAE is the most confident country in the region.

The H Holding Enterprise, a major investment firm in the UAE, recorded unprecedented growth across all its investment arms, including real-estate and hospitality divisions. “Around 94 per cent of UAE investors expect to meet their targets in 2015. Our real-estate arm OMEGA Properties has had a very positive year exceeding our expectations. Our other operations in hospitality are doing well too,” said Abdullah.

“The UAE has a unique investment environment where all industries grow in harmony. The focus on tourism sector, for instance, has brought several opportunities to the real-estate market, such as hotels, infrastructure and facilities management. Also, there is a well-planned strategy to enhance collaboration between the public and private sectors for the benefit of all kinds of investors,” added Abdullah.

The same report also shed light on the tourism sector, saying that its improvement was driven by a number of initiatives and mega tourism and leisure projects by the UAE government, encouraging each emirate to have its own niche in the market.

“This is the right time to invest in the UAE. We have diversified our capital across other industries that have potential for growth in the medium and long run, including video production, for example,” concluded Abdullah.

The Gulf Today