The UAE boasts some of the highest internet, credit card and e-commerce penetration rates in the MENA region, making it ideal for online shopping. However, payment systems in the country are not yet at the same level of sophistication as more developed international retail markets. While credit transfers are increasingly used for salary and high...
In January 2013, Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, announced an initiative to turn Dubai into the “global capital of the Islamic economy”. The six-pillar strategy calls for the development of the halal food and tourism industries, as well as the expansion of the Islamic financial services (IFS) sector, and small and medium-...
Driven by enhanced liquidity in the banking sector, rising property prices and an overall improvement in the domestic economy, Dubai’s capital markets began 2013 in full recovery mode. In June 2013 the UAE was finally upgraded from “frontier” to “emerging market” status by the global index compiler MSCI, after nearly five years of efforts to...
Despite the ample liquidity in the Gulf region, Dubai’s exchanges still lack diverse debt-financing tools for small and medium-sized enterprises (SMEs) and are in need of new listings from major national companies to boost trading volumes and broaden the institutional investor bases of bourses.
Affordable housing is a government-driven segment in Dubai. Subsidised housing is exclusively for Emiratis, and private developers eschew the low-margin segment in favour of mid- to high-end residential projects. However, market dynamics are changing on the back of Dubai’s successful Expo 2020 bid. With over 270,000 new jobs expected to support...
The speculation-driven market crash saw property prices in Dubai slump by up to 65% between 2008 and 2009. Despite the shrinking amount of projects throughout the market downturn, the number of construction companies held fast at pre-crisis levels, resulting in strong competition and lower margins. Recent developments nevertheless provide cause...
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