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Endless real estate gains with "Dubai Plan 2040"

Mohammed bin Ghatti

March 22, 2021

The announcement of the "Dubai Urban Plan 2040" was not a surprise to many, but rather an expected step from the Emirate of Dubai, which has always been a pioneer in its plans and future directions.

Perhaps what the emirate has reached now is the product of an enlightened thought that does not await the future but rather creates it, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said: “The future is not expected, but is made.”

This comprehensive plan confirms the leadership's vision, which always aims to elevate Dubai to the ranks of the most advanced, growing and happy cities around the world, through a real and continuous race against time, and provides endless gains for the vital real estate sector in the emirate, and great and multiple opportunities for local and foreign real estate developers. During the next 20 years.

There is no doubt that Dubai has gained its fame as the best financial and business center in the Middle East, and there is an expansion in all sectors, in addition to that it is leading the transformation of the UAE towards a more diversified economy that does not depend on oil, and focuses on the tourism, real estate, transportation, and logistics sectors. The new urban Dubai is an affirmation of the economic diversification plans that the country has implemented over the past decade.

The urban plan is expected to be the largest supporter of the real estate sector and its associated parties, whether providing investment opportunities for developers and real estate investors, or end consumers, who will enjoy opportunities to live in new areas within the emirate.

The real estate sector in Dubai is characterized by vitality and resilience in the face of economic challenges and emergency crises, such as the "Corona" crisis that emerged last year. It is also the second engine of the Dubai economy, with a contribution of more than 13% of the GDP, and this will certainly be an important factor in the success of construction and construction works within the plan. The future of the emirate.

The urban expansion that Dubai is targeting will not be less than the architectural revolution that started in the emirate 15 years ago and has become an icon of economic, financial and political distinction, and with it Dubai has become one of the most important exhibition and conference destinations in the world.

The urban expansion within the "Dubai Plan 2040" allows to keep pace with the real estate demand resulting from the increase in population, which will reach about six million people. The plan also takes into account green spaces, which have become a prerequisite for living in the future, in light of international trends to preserve the environment.

Under the current circumstances, the return on investment in the real estate sector in Dubai for investors and real estate companies ranged between 6 and 10%, and the return may increase by supporting the urban plan that increases new projects, establishes attractive investment opportunities, enhances real estate entities operating in the market, or receives new players from the market. out of country.

The plan is a real response to the economic reality, and a continuation of the governmental facilities and incentives provided, whether laws related to foreign ownership of businesses existing outside the free zones, which support the request and contribute to the promotion of construction activity and infrastructure projects, in addition to facilitating the laws of granting residence visas, such as the long-stay visa for foreign investors. Those whose real estate investments ranged between five and 10 million dirhams, as well as granting citizenship.

When the urban renaissance took off in Dubai, it wagered on success and won the bet. Currently, winning the challenges of the next 20 years will be easier under leadership that does not know the impossible, does not accept the word failure in its dictionary, and provides all the capabilities and capabilities to provide a decent life for citizens, and to ensure a better future for generations. Coming.

CEO of "Binghatti Real Estate Development Company"

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