He confirmed that the real estate sector achieved wide growth in the first quarter

Al Habtoor: 3% of the expected growth of the UAE economy during 2021

  • Khalaf Al Habtoor: "The UAE is the safest place for businesses and investors in the world."

  • Real estate sales in Dubai recorded strong growth of between 27 and 47% in the first quarter of 2021. À Archives


The founder and chairman of the Al Habtoor Group, Khalaf Ahmad Al Habtoor, said that the facts and figures exceeded his previous expectations for the growth of the UAE economy in 2021, as revealed by the results published by the International Monetary Fund, STR Group, and the Central Bank of the United Arab Emirates.

Al Habtoor added: “The UAE has shown again its ability to withstand and continue, and it deserves great praise for its performance in meeting the challenges posed by the (Covid-19) pandemic. Economic growth has been declining in various parts of the world, and pressures have increased due to the epidemic, but the economic recovery In the UAE, it has been on an upward path since the third quarter of last year, and we are still witnessing the emergence of pockets of positive growth, and as a result, the GDP is expected to reach 3% or more this year. ”

growth rate

In this regard, it is noteworthy that the International Monetary Fund, in its report on "Global Economic Prospects", expected growth in the UAE to record 3.1% in 2021, noting in the report that global growth prospects "depend on the effectiveness of economic policies applied in severe conditions." Confusion, to reduce the permanent damage caused by the crisis, ”according to the UAE Central Bank’s forecasts, the UAE will record a further 3.5% growth in GDP in 2022.

Al Habtoor added: “The first quarter of 2021 witnessed massive growth in the Group’s real estate division, with a significant increase in sales volume compared to the same period before the spread of the (Covid-19) pandemic.”

Real estate sector

According to data from the Dubai Land Department, the real estate sector in Dubai recorded strong growth in sales transactions, at a rate ranging between 27 and 47% in the first quarter of 2021, compared to the same period in 2020 and 2019 before the outbreak of the epidemic, indicating the return of confidence in the real estate sector. in Dubai.

Al Habtoor said: “All our hotels in the UAE are achieving excellent results. The first quarter of this year has been very good, and we expect amazing numbers in the second half of the year. Our performance in the hotel sector, which is our core business, is very solid for the remainder of 2021, with High occupancy rate ».

The hospitality sector

The latest report issued by the STR Group on global performance indicated that the performance of the hospitality sector in Dubai has outperformed the performance in the most prominent destinations around the world, with occupancy rates reaching more than 60% in March 2021 and 62% year-to-date, which are the highest rates in the world.

Al Habtoor added, "This good performance is reflected in all areas of our business, including the automotive sector and leasing. Consumer confidence has returned strongly."

He continued: “This good performance in the first quarter of 2021 is only the beginning. I expect double growth in the various sections of the group, with the vaccination of more than 10.66 million people. We are moving confidently towards a return to normal life, and this is further proof that the UAE is The safest place for businesses and investors in the world ».

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