Member Article

Dubai Attracts World Attention

The United Arab Emirates, which includes Dubai, is composed of seven quasi-independent emirates. Over the past two decades the UAE has experienced impressive infrastructure growth and development with Dubai emerging as the central trade hub of the region. Previous dependent on an oil based economy, Dubai today is the result of a focused effort by the emirate to broaden other sectors of the economy including tourism, trade, retail, manufacturing and finance.

During the current real estate explosions, property values have gone up as much as 30 per cent in some locations in less than a year. Once a quiet shipping port, Dubai is booming beyond belief. One only has to look at the traffic jams to see how things have changed. In 1968 there were only thirteen registered automobiles in Dubai, today there are more than 1.6 million cars navigating the congested traffic ways. In 1995 Dubai had 640,000 residents; today more than 4.2 million people live in the city with most of the population clustered around the commercial centers. Of this growing number, more than 85 percent are foreigners.

Similar to other expat-majority cities throughout the Gulf region where petroleum production and construction drive the economy, 75 percent of the residents of Dubai are men. Bangladeshis, Pakistanis and Indians make up the majority of the expat population. A bird’s eye view of the city reveals a literal forest of giant construction cranes as construction of prestige villas, office buildings, shopping complexes, high-rise luxury condos, hotels, entertainment venues, convention centers and warehouse facilities move towards completion. Dubai already proudly displays the highest structure in the world, the Burj Khalifa. The scene is surrealistic, pulsing with a 24/7 energized animation that never sleeps.

Currently boasting one of the world’s busiest international airports, Dubai is expanding a second airport into the world’s largest; equipped to handle more than 150 million passengers annually. The massive airport construction project is within a 54-mile designed “city-within-a city” project. Dubai’s strategic geographical location makes it within an 8 hour flight for two-thirds of the world’s population. Dubai has garnered global attention with a revival in commercial construction and innovative property projects. Real estate values are escalating in reaction to the escalating economy of the “City Of The Future.”

Although Dubai was severely impacted by the global financial collapse of 2008-09 and property values dropped dramatically, actions to stabilize property values enacted by the emirate have served to restore investor confidence and market vitality. The practice of “flipping” properties, or selling again for profit immediately after purchase, was one of the biggest factors in the 2008 real estate debacle. The emirate has issued new regulations that prohibit this practice by requiring that 40 percent of the mortgage must be paid down before a property can be sold and the title transferred.

Bullish on the economy of the region and drawn by the anticipation of World Expo 2020, business both large and small, are setting up operations to serve the 25 million visitors the expo is expected to attract. Economists predict that the event will generate $40 billion in new revenue to further fuel the economy.

For international entrepreneurs considering relocating their businesses to Dubai, the enticements are “sweeter than sugar.” The emirate presents a simplified method of doing business, making the process easy by establishing a business environment that is transparent offering free zones with zero corporate and personal tax. Dubai previously had a reputation as an investment haven and play ground for the very, very rich. Today, it attracts both tourists, expats and investors from every country in the world, both the affluent and those hoping to be.

Foreign investors seeking assistance in navigating the ever-evolving real estate marketplace seek investment brokers knowledgeable in the economy of the region. Mr. Tej Kohli, CEO and founder of Ozone Real Estate, one of the major players in the development of the golden city, started his investment brokerage to address that need. As investors are drawn to Dubai to get in on the real estate explosion, Ozone Real Estate’s staff of seasoned professions are available to capably assist foreign investors in locating the perfect prestige property for their business or investment 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.”

While no one can predict how long the current building boom will last, it is sure that Dubai will experience further growth and fortunes will be made in the gleaming new cosmopolitan oasis long after World Expo 2020.

This was posted in Bdaily's Members' News section by Marlene Affeld .