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UAE realty witnessing exponential growth

UAE realty witnessing exponential growth

The UAE is witnessing a renewed investor confidence in the real estate sector as it provides a strong incentive for the strategic adoption of technology in the various property developments.

Industry experts say that Dubai’s successful bid to host the 2020 World Expo adds further impetus to develop and deliver ‘smart’ property projects which is in line with the government’s smart initiatives as its vision.

Speaking to journalist in Dubai on Thursday, Masood Al Awar, CEO for Tasweek, a provider of comprehensive real estate development solutions for the UAE and the broader Middle East, noted that Dubai has been built with the notion of the four ‘Ts” which is Trade, Transport, Tourism and Technology as its main pillars.

He disclosed that the emirate will be hosting the Smart Living City (SLC) exhibition in September 2014, focusing on the performance of smart products, smart integrated systems; and scope for public-private partnerships in the emirate.

Al Awar revealed that Smart Living City, is a biannual event, and is being held in Dubai, San Francisco and Singapore from 2014 to 2015 to exhibit and discuss technologies and innovations for various industries that support the concepts of smart cities and smart human capital.

He added that this year’s two-day event will be held between 15 and16 September, 2014 at the Jumeirah Emirates Towers in Dubai.

The main agenda will cover the creation of a SMART Ecosystem with a particular focus on Talent, Education, Location and Events, Mentorship, Incubators and Accelerators, and Funding.

The event will also reveal effective strategies for the cooperative development and deployment of a smart integrated system between the private and public sectors.

Al Awar noted that Smart technologies globally have become one of today’s most important investment areas due to their potential impact on the future of business, governance, and social development.

SLC will therefore show the way forward as progressive cities such as Dubai fully embrace the concept of a technology-driven community. It will be a unifying event for ‘smart tech’ practitioners, experts, and decision-makers alike.

Several developers are fully supporting the UAE to build a smart economy based on innovation and creativity.

On the industry front, Al Awar disclosed that the UAE property is already witnessing robust growth trajectory thus showing a huge potential, especially with the influx of several global investors.

The UAE real estate market is realising a strong return on investments in the range of nine per cent to 12 per cent per annum, according to market statistics.

The contribution of the UAE real estate sector to the country’s gross domestic product (GDP) is expected to touch Dhs118 billion by the end of this year.

The rising investor confidence and the country’s strong fundamentals are some of the factors that have driven the real estate growth.