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Dubai is one such emirate well known for its shopping. People call this emirate as the shopper’s paradise. Shopping here is such a big deal that the emirate regularly offers unlimited choices to the shopper ranging from luxury cars to all kinds of spices, perfumes, gold and the all time favorites, Arabian souvenirs. This emirate is popularly recognized for its shopping and Dubai keep on organizing great shopping festivals time to time. Its reputation of being a shopper’s paradise is greatly enhanced because of these shopping festivals and it extends to other major aspects of the commercial life of the emirate. From the tourism and shopping point of view, Dubai real estate attracts large number of tourists all round the year even from Indian subcontinent. The major reason behind this factor is that Dubai is an open port serving low import duties and the retail pricing of the commodities is fairly reasonable. You can easily get genuine products which are tax exempted. These are the basic factors that have led Dubai an ultimate destination for shopping.
As far as the shopping in Dubai is concerned, the best value commodities that are to be purchased from here includes gold and jewellery however, the daily items such as clothes and furniture are also affordable to a great extent. After hearing this, you might wonder that why the cost of living in Dubai is expensive then? This is because of the cost of entertainment and the rental rates. The tax free lifestyle followed in Dubai plays a vital role in each and every aspect associated with this emirate. Dubai real estate is a collection of variety of shopping malls and some of the world’s biggest shopping malls are in Dubai. Moreover, the retail trade in Dubai all encompasses traditional souks where bargaining can be done at its best. The modernly designed shopping plazas hold these shopping festivals and this is the time when the entire emirate is busy shopping.
The very famous souk out of all is the Gold Souk in Dubai. In addition to these souks or traditional markets, there are modernly designed department stores and boutiques being constructed. Each mall in this emirate reveals an entirely different theme and you will be fascinated by the overwhelming architecture of the mall consisting of all the top brands, designer boutiques and varied variety of products ranging from cars, clothes to hi tech modern gadgets and other high end electronic stuff. As far as these shopping malls of Dubai are concerned, they offer endless choice of eating joints as well so that you can explore the true sense of shopping in Dubai.
Dubai Souks:
These souks are the traditional markets restoring their historic structures. These souks although very traditional are still alive with the buzz of trade and their vibrant historic past. Shopping done at souk will get you an altogether different feel other than the shopping mall especially while shopping at night. The souk is a kind of maze of alleyways lighted up with neon lights in order to guide you through. Those looking for something really traditional and ethnic should definitely come to these souks to get a different feel. Here you will get enormous variety of goods. The most well known souks in Dubai are the Gold Souk. Times have now changed as this emirate has changed the meaning of purchasing gold. Gold Souk in Dubai offers you variety of gold products. There are about 300 retailers trading exclusively in jewellery. The souk has well established branded stores like Damas and many more. At any given time in this souk, approximately 10 tons of gold is present there. Other than this there are various other souks such as spice souks, art and craft souks, carpet souks, perfume souks and many more. These souks offer an experience which is not to be missed out.
Shopping Malls in Dubai:
Dubai has now turned into a modern emirate and a proud place where some of the world’s best and biggest shopping malls are placed. These modern shopping plazas are widely located throughout the emirate. These malls include the best of shopping brands, easting outlets and the best of office place as well. Some of the best shopping malls in Dubai are:
Deira Malls: The Deira district include the Intercontinental Plaza, Deira City Centre, Al Mulla Plaza, Al Warba Centre, Al Futtaim Centre, Abu Hail Shopping Centre and many more. In Deira tower shopping mall the craftsmen have established a carpet souk where traders have come from all over the Gulf including Pakistan, Iran and Afghanistan to sell this commodity.
Ibn Battuta: This shopping mall is the second largest mall in Dubai and is one shopping Centre which should not be missed by any local or foreign visitor. This mall boasts of its five unique themed shopping zones and the designing of this mall has made it an interesting place to visit. Some exclusive outlets and international chains are placed in this mall which makes a refreshing change for the shoppers in Dubai. Some of the shopping malls sell traditional Arabic gift items such as coffee pots, brass and silver swords, prayer beads and many other exclusive products.
Dubai Malls: Some of the well known Dubai malls are: Al Rais Shopping mall, Al Hana Centre, karama Centre, Al Khaleej Centre. Out of these Al Khaleej and The Holiday Centre are the two largest malls.Normal shopping hours in Dubai starts from 9 am in the morning and extends till 1 pm and then later it starts at 4 and goes till 9 pm or later. The shopping malls might have some different timing, whereas there are shopping malls that are operational 24 hours. On Fridays the shops close down for prayers for a specified time. Another part which is fun in Dubai shopping is the art of bargaining. Dubai Duty Free has a great shopping potential and it has won many international awards and is recognized as the best in the industry for delivering and guaranteeing high quality products.
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When it comes to the UAE, there is one emirate that requires no introduction and that is Dubai. Dubai is a well planned city in itself and will soon become the hub for property and real estate investors. It needs very less introduction as it is the world’s fastest growing city. Dubai property is the luxury and intimate property developments offering exclusive and high standards of living. This emirate offers a unique combination of ultimate lifestyle, high energy and a relaxed culture of Middle East. This place of luxury property setting has developed a project which is a combination of artificially created islands and canals known as Dubai Waterfront. This development is expected to be the largest waterfront and largest man made artificially created development in the world.
Dubai, as we all know is the most popular emirate and there are series of such property developments there. Some of the developments have already finished and some are on the verge of completion. Dubai waterfront projects create a world class destination for travelers and local residents. Nakheel is the real estate developer who created the project with high commercial and residential standards. This well known and world’s largest privately held real estate developer have 51 percent stake in this development. It is basically a group of three large man made islands shaped in an arc structure. The three artificially created islands in Dubai waterfront are named as: Palm Jebel Ali, Palm Deira and Palm Jumeirah. These are collectively known as Palm Islands. Out of these three, Palm Jebel Ali is one of the largest islands created. This project is being undertaken on a massive scale and is set to create new residential and commercial dwellings which are all freehold.
This exclusive world class development is crescent shaped which makes it easy from the trade point of view. It’s easier for ships and all to commute. It also boasts of creating a new hub for entertainment, living and business. It adds an area of about 70 kilometers to the coastline of Dubai that encompasses an area of 1.4 billion square feet. The construction of Dubai waterfront is so huge and this fact can be understood from the point that this area in which the waterfront is created is twice that of the area of the Hong Kong. This area is an expansion of Dubai located just beyond Palm Jebel Ali. This master project being developed is about to stretch the city in the largest possible way it can. After the entire scenario in terms of area covered of this project, it is expected to house a population which is as huge as 1.5 million.
The development is located to Dubai World Central International Airport. Sheikh Zayed Road is directly accessible along with Abu Dhabi and other cities. This complete project is being divided into various other sub developments. Some of the popular projects which are under Dubai waterfront are:
• Uptown
• Downtown
• Al Ras
• The Riviera
• The Palm Boulevard
• Madinat Al Arab
• The Peninsula
• The Exchange
These are some of the projects undertaken by this massive development. Recently Dubai waterfront has created a largest landscape nursery in the United Arab Emirates. This waterfront nursery is expected to grow rapidly and the rate at which it will grow includes around 4 million plants per year. This range includes 156,000 plants, trees and shrubs. Initially this had a harsh desert kind of environment and around a year this tranquil setting of a nursery is established. The area in which this nursery is spread goes till 50 hectare and is known as the largest nursery in the UAE. Matt Joyce, who is the MD of the waterfront said, “We are delighted with the progress our nursery has made since its creation a year ago. With the use of large greenhouses and shaded areas, our plants are flourishing amidst the desert.”
The small trees and shrubs are used for landscaping through the entire waterfront. This initiative is establishing this huge nursery is taken by Nakheel. The mother stock cuttings for this nursery serve many Dubai property developments. A large greenhouse area is also created to grow plants. The 50 hectares of land is perfectly divided as out of which 20 hectares is entirely covered with fertile soil and 7.5 hectares of grass is being planted as of now. A green waste proposal is also being calculated by Nakheel which is responsible for cutting of trees and shrubs and being brought to the nursery where it will get converted into compost. This nursery in Dubai waterfront has join hands with GESolar and Mouchel to investigate the feasibility of solar power on a large scale for which a special solar panel has been installed. It will be regularly monitored for the weather effects, panel maintenance and global radiation.
Dubai waterfront includes various residential, commercial and industrial areas attracting many tourists from all over the world every year. The residential area features high end and luxurious villas ranging all eminent facilities. The high-end accommodation might cost you a little high but you will experience and amazing lifestyle while staying here. Along with these residential and commercial places there is large number of public places as well and a well structured road system is being developed. This single development features 100 different developments and there are over 1500 communities which are planned.
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| The UAE is one of the best places in the present times to do business. A rising and buoyant economy, the UAE is riding high on the profits of sky rocketing global crude prices and reforms of the government. The government is doing all it takes to make processes transparent and attract more foreign investment in to the various sectors. As such sectors like real estate, retail, and tourism are getting massive boosts and are booming so to say. In fact the government is investing a lot of money into infrastructure projects that will not only make life easier but also help in businesses becoming more viable. Cities like Dubai, Abu Dhabi and Sharjah are places to which foreign investors are heading.
If we consider the case of the Dubai property market we see that the government is trying to rope in more transparency and also give tax benefits to potential investors and customers. The Dubai property market has seen a phenomenal growth in recent times and within a few years the city has almost become unrecognizable with massive high rises and huge official and commercial complexes. Even general businesses in the UAE are booming and it can be seen that many sectors are functioning in a mutually beneficial way and helping each other grow.
The healthcare sector is one of the newest and most promising sectors that have been witnessing robust growth off late. A report released by the Dubai Chamber of Commerce and industry shows that the healthcare sector is growing at a rapid pace and is attracting quite a lot of foreign investments of late. The UAE exported pharmaceutical products worth Dh 84.4 million in 2007 as compared to Dh 56.4 million in 2005. It is the home to many leading players in the global scene and in the present year has attracted over $64.2 million in foreign investments. The UAE has eight dedicated pharmaceutical factories. Some of the major players in the pharmaceutical market are Gulf Inject, Globalpharma, Neopharma, Medpharma and Pharmacare. The number of hospitals has also increased in recent times and the number of beds is being predicted to go up by nearly double the figure by 2010. In 2007 Dubai hospitals had 2934 hospital beds and by 2010 it is slated to grow to about 5415. Nine new hospitals have been established in the desert city and the Dubai Healthcare city (DHCC) which is a dedicated healthcare facility has received nine more health facilities. This kind of phenomenal expansion and relatively cheaper healthcare services is attracting more foreign medical tourists. The facilities are world class and the treatment is of the highest quality.
Re-exported pharmaceutical products have grown from Dh 179 million to Dh 194 million in the current year and imports also grew from Dh 1.2 billion to Dh 2.15 billion. The number of manufacturers in the country is steadily increasing but the distribution network is well places. There are over 400 pharmacies countrywide which provide easy access to medical supplies and equipment to customers. The city of Dubai alone has a sturdy health facility system with over 69% of the 3000 beds being in public hospitals. Thus health services are easily available to the general public and one does not have to be very affluent to take advantage of these services. The city of Dubai alone has 1000 dentists, 6000 doctors, 1400 pharmacists and 7000 nurses. These significant numbers cater to the rapidly growing population of the city which has a huge chunk of migrant population. Dubai is the most populous city of the UAE and also the most important one.
The Dubai Healthcare City which will serve the sole purpose of Medical Research and provide healthcare services is a grand project worth over $3 billion and is being managed by the Dubai Chamber. The Dubai Biotechnology and Research Park or DuBiotech is another major project that will create state of the art advanced research facilities. It is worth over $ 400 million.
The DHCC when complete will become the first healthcare free zone in the world and the Dubiotech will comprise of a 300 hectare biotech science park that will have a consortium of biotechnology and pharmaceutical companies, R&D facilities, testing, storage, production, distribution and sales all being controlled from here. The Dubai Chamber spokesperson said “The initiatives of establishing DHCC and DuBiotech aligned with global positive healthcare prospects will increase the investment in the sector and attract more FDI to Dubai, giving the growth of the population that is expected to grow by six per cent, the higher per capita income and purchasing power of both locals and expatriates in Dubai”.
Not only is the healthcare sector making huge profits but also helping the tourism and retail sectors in a way. And the government is leaving no stone unturned so that the profits reach the bottom of the social pyramid and the middle class and poor people benefit from it. For pilgrims who depart for the annual Haj rituals a special medical team is deployed at the King Abdul Aziz International Airport to provide them with any kind of medical assistance. A new Nursing and Midwifery Council is also going to be setup next year in the Emirates. It will be under the chairpersonship of Princess Haya Bint Al Hussain who is the wife of Shaikh Mohammad Bin Rashid Al Maktoum, the Ruler of Dubai. This will be of great help to women in general and lead to the growth of healthier birth practices. It will also create more awareness among the people.
All in all Dubai and the UAE are all decked up to become top health destinations in the world and the government is making sure that the healthcare sector is ready for a smooth ride.
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Emaar is a very well known name in Dubai real estate industry and it is one of the largest real estate companies in the world. This company is listed there on the Dubai financial market. This real estate developer is currently handling many ongoing projects in Dubai which are under various stages of development. Today, it has become the global provider of comfortable and luxurious lifestyles. As we all know, Dubai is famous for its shopping and of course the marvelous architecture. Emaar has a great contribution in making this city stupendously beautiful and the architecture design of the buildings there is worth seeing once. This is basically a Dubai-based public joint stock company. Emaar has been shaping the landscape of Dubai since years, and now this well known property developer has started exploring other dubai arts of the UAE as well. If we talk about their developments, then they have not only developed homes and offices, however, they have developed entire well planned communities which are worth investing projects.
The most ambitious project of this company was started on 1998, and is worth AED 73 billion known as Burj Dubai Downtown, which consists of Burj Dubai, the world’s tallest building. Moreover, the company also has many joint ventures in countries across the world. Egypt, India, Jordan, Morocco, Pakistan, Saudi Arabia are few countries who have joint venture projects going on. Furthermore, the developer wants to expand the retail sector along with investments of over AED 15 billion. Though, it has constantly developing its core business of real estate, but has also started diversifying into related businesses. EMRILL is one such venture which is owned and managed by Emaar. This is a joint venture with UK based Carillion that is the provider of property and facilities management services. Moreover, Emaar is the first one to start everything in the real estate sector in Dubai including the freehold property market concept. This master developer now includes ventures from other varied property developers. There was a project named Green, which was the firstly freehold property project in Dubai and the developer responsible behind the successful completion of this project was Emaar.
Emaar properties got developed in the year 1997 and in June 2005, it has now doubled its share capital and today, it is the largest listed property developer. If we talk about the year 2004, then in that year this property developer handed over 8,000 homes to owners in Dubai. This developer has listed some great constructed properties under its name. Some of them are listed below:
Burj Dubai: Burj Dubai is one of the tallest known buildings in the world and is the pride of Dubai city. It has a fascinating journey, which will take you to the sky. Unlike other tall buildings, this tallest one is strategically planned and is beautifully constructed. The entire tower design is a complex arrangement. It represents much more than just the tallest building in the world. This skyscraper is under construction in the Dubai’s Business Bay district. This building is a part of Dubai Downtown which is a huge development in its own. The design of this building is derived from the pattering systems and the interior of the building is being designed by Giorgio Armani. It consists of luxurious residential apartments, shopping malls and will be surrounded by all other necessary and luxurious amenities. Moreover, in almost every tower in Dubai, you will find spas and other such activities as well for your rest and relaxation.
Arabian Ranches: This residential project located on the Emirates road consists of wide variety of villas and townhouses. This is again a multi billion project under Emaar properties and the properties are being sold as freehold. In this residential project you will find yourself in heaven as this area is being surrounded by the mystery and beauty of the deserted land. This property has rich and special sports including a Golf course and Polo ground along with a riding club. The golf course here was formerly known as the Desert Course. The project was designed by Ian Baker-Finch. There are clubhouses designed in stylish colonial style which boasts of their amazingly designed restaurants and bars. This can be a perfect residential setting for any golfer for that matter.
Emirates Hills: This is one of the most exclusive freehold projects under Emaar properties and it represents the jewel of the Emirates. This freehold project is currently available in Dubai real estate market. The project consists of ultra modern and luxurious villas and this is the property that matches with everybody’s taste and specifications. This has been one of the first finished Dubai property developments however; it’s a very important target for other freehold property developments still going on in Dubai. The USP of this Emaar project is that, here each property is different from that of the other, but all properties have one thing in common that they provide shear luxury. These are commonly referred to as the Beverly Hills of Dubai. Its neighborhood features extremely beautiful and breathtaking gardens in order to enhance the privacy and exclusivity of all the properties there. There are a number of other recreational facilities for the residents.
Moreover, Emaar properties is moving ahead by creating a dominant position in the real estate market and will soon become the leaders in the real estate market not only in the UAE but in the world. This unique position of this developer in the property and financial market was honored with the best property developer in a specific region known as MENA.
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The property market of the UAE and of the markets in the neighbouring emirates of Abu Dhabi, Ras Al Khaimah, Ajman and Sharjah have grown exponentially in the past decade and become a major contender in the world real estate sector as a whole. The UAE is rich in natural gas and petroleum and the soaring global oil prices and a boost in the tourism industry propelled the real estate market to unimaginable heights in a short period. The government took several positive steps to encourage foreign direct investments in almost every sector and also created an environment for boosting the tourism industry. Massive malls, hotels, resorts and leisure facilities came up and this caught the eye of the investors from all over the world.
Not only were tourists pouring in from the nooks and corners of the world but they also found it a great place to settle down given the world class facilities and tax benefits. This prompted the government to encourage the real estate sector as creating a buoyant property Dubai market would create a boom in investment. The infrastructure of the country rapidly developed with massive roads and highways coming up. The government did all they could to facilitate the development of the real estate market and the boom took place in Dubai with all the other emirates following suit. Investors from all over the world banked their money in the market and got handsome returns. With rapidly rising oil prices more and more people in the Emirates became rich and the standard of living went up. Many multinational companies established base here and massive real estate projects were undertaken. Developments like the Palm Islands, World Islands, the Burj Tower, Dubailand, Marina and many more were architectural marvels in themselves and redefined luxury living and lifestyle. The global financial crisis has led to a slowdown in property markets around the world but it looks that the UAE market will withstand the storm. The market remains robust in spite of the decrease in the number of international buyers. Experts opine that the UAE market is quite insulated from any such external damage and has enough firepower to run through any major crisis.
In the current scenario the UAE is the third biggest investor in real estate in the world. Steve Williams of Real Capital Analytics believes that the Middle Eastern Countries of Qatar, Bahrain and the UAE were surpassed only by the US and the UK. He also pointed out that the financial crisis has taken its toll on the US and UK markets and very soon the UAE and other Middle Eastern markets will be leading the way as far as real estate is concerned. The real estate market of the UAE is being viewed as the guiding light of the entire financial sector of the UAE with many multi million dollar projects being launched during the Dubai Cityscape Event. Paul Devonshire of Pimerica Property Funds AG says “The message is we continue to be active and we continue to do business.” Primerica Property funds have major stakes in the areas of Dubai, Jebel Ali, Abu Dhabi, Kuwait, Qatar and Saudi Arabia. Natasha Gangaramani of Al Faraa Properties is very optimistic about the market behaviour and states that “Dubai is not seeing a hit. I don't think we will see a dip down”. Others like Faisal Ghadiyali who is a B & M associate is more cautious and believes that there could be a credit crunch as investments from outside would dip but thinks that it could be handles by way of various “good Islamic options”. Both Al Faraa and B&M have recently launched a 42-storey lifestyle tower and the Le Riviera Sanctuary respectively during the Dubai cityscape event. This provides ample proof of the positive response of the market.
Many investment firms are also looking at the mortgage and rental market which is also growing quite fast. If we look at Dubai at present the supply of properties is not meeting the demand which is quite high. Thus prices have skyrocketed and more and more buyers are turning towards the alternative in the form of rentals. For many this works as a good option as they cannot afford to invest a huge sum of money in the property. The population of the UAE is also growing at a rapid pace and has nearly doubled in the past few years. This will be a decisive factor in creating a world class property destination. Mr Gurjit Singh of Sorouh Real Estate has quite a lot of expectations from the Abu Dhabi property scene and states “Organic population growth is currently 6% year on year, which is creating a lot of continued demand. There is still a fair amount of strength going forward for real estate in Abu Dhabi, especially due to the shortage. The affordable property Dubai segment especially has a lot of potential.” Strategies for investment have changed somewhat due to the credit crisis and more people are looking into safer investments rather than taking risks and speculation. End user investment continues to go strong and the offered properties uptake remains quite buoyant.
The UAE property market has a lot to offer to the buyer and the investors as well. With all the Emirates developing at quite a fast pace it won’t take much time for the UAE to become the number property market in the world.
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