While hydrocarbons continue to make up the lion’s share of the emirate’s GDP, oil revenues are supporting long-term efforts to diversify the economy. Oil and gas accounts for about 52% of real GDP, down on previous years, followed by construction, manufacturing and real estate. High-quality transport infrastructure, meanwhile, is boosting trade activity and free zones in Abu Dhabi.
In late 2011 Dubai’s real estate sector began to show solid signs of recovery, led mostly by the residential segment, which has benefitted from increasing demand and rising prices. In the first quarter of 2012 the sector posted growth of around 4%, making it the best performing real estate market globally for that period, as per the Knight Frank...
Towards late November 2012, Sheikh Mohammed bin Rashid Al Maktoum, UAE vice-president, and prime minister and ruler of Dubai, announced a new mixed-use development, Mohammed bin Rashid City (MBR), which upon completion looks set to be the biggest such complex in the world. The plans feature a series of retail spaces (collectively known as the “Mall...
Despite the ongoing repercussions from the 2008-09 economic downturn, as a whole Dubai’s real estate sector has seen increased activity in recent years. Since the recovery began in late 2010 and early 2011, many of the emirate’s largest projects, a substantial number of which were put on hold in the years following the downturn, have been restarted...
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