Thursday, September 11, 2008

Dubai – Making pie in the sky a reality

With an area of 4,114-sq km, Dubai is slightly smaller than County Tipperary, and has a population of just under 1.5m people. Dubai's gross domestic product (GDP) surged to a record US$38.7 billion in 2007, is predicted to sustain an average growth rate of 11 per cent for the next eight years.

Much of the emirate of Dubai’s success has been attributed to its political stability when compared to emerging ambitious countries such as Iran and Syria.

The Dubai residential development market is dominated by high end residential development, with the majority of current and future residential supply targeted at high income earners.

The office market in Dubai is seriously undersupplied, with a resulting double digit inflation in rental rates in the past few years. Free zones such as Dubai Media and Internet City and the Media Production Zone are very popular with Blue Chip Clients.

With Grade A office accommodation in poor supply Dubai’s construction industry has had to climb a steep learning curve, with much new office property expected to hit the market over the next 12 to 18 months.

As for commercial development, 75 per cent new retail units in shopping malls to be completed between now and 2010 is already prelet.

The total number of tourists to visit Dubai in 2007 is estimated at about 7million, with hotel occupancy across the year sitting at a comfortable average of about 85 – 88 per cent.


Five Dubai developments to inspire

  • Dubailand: When completed, Dubailand will be the largest theme park in the world. Spread over seven ‘Worlds’ (Attractions & Experience; Retail & Entertainment; Themed Leisure & Vacation; Eco-Tourism; Sports & Outdoor; Downtown; and Science & Planetarium), Dubailand is being built in four phases. The first phase is due for completion by early 2010, with overall completion expected some time between 2015 and 2018. It is seen a strategic tool to move the UAE economy move away from its reliance on oil. Cost of development is being estimated at approximately US$70bn.
  • Dubai Sports City: Set within Dubailand, the US$4bn Dubai Sports City will comprise over 50m sq ft of sporting venues, academies, homes, cultural centres and retail developments. It is due for completion in 2010 and may be a future Olympic venue.
  • Business Bay: “A business city within a city”, Business Bay is being hailed locally as “the Wall Street of the Middle East" – One of Dubai’s ambitions is to become a world business hub. With an area of over 64million sq ft Business Bay will feature office and residential towers in landscaped gardens, interspersed with a network for roads, pathways and the 13-lane Business Bay Crossing Bridge. Phase One of the ambitious project comprising over 200 towers is due for completion in 2010.
  • Burj Dubai: The Burj Dubai is already the world’s tallest skyscraper, and it is still growing. Due for completion in September 2009, the budget for the project is €1.4bn. As of 01 September, 2008, the Burj Dubai had reached 160 floors and a height of 688m to become the world’s tallest man-made structure.
  • Dubai Towers at The Lagoons: The twisting Dubai Towers at The Lagoons are due for completion in 2010, and are somewhat evocative of Gaudi’s La Sagrada Familia cathedral in Barcelona. Towers 4 will be one of the tallest towers in the world, coming in at 550m.
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