Global Cities 2016 Report sees larger role for Dubai in global business community

DUBAI, 27th January 2016 (WAM) — The Global Cities 2016 Report, published by Knight Frank, a leading independent global property consultancy, says that international investment is more likely to look at either established centres or emerging cities that have moved into the global league.

The report expects property investors to seek a balance of growth and diversification in a global property portfolio.

This year, the report includes a Watch List of five cities that Knight Frank believes are set to play a bigger role in the global business community in the coming years. One of which is Dubai, which has pulled clear of past difficulties and is expanding as a hub for investment, tourism and transport.

“Dubai is developing mega projects, mainly airports, in order to maintain the momentum behind its commercial success,” says Hafeez Abdullah, Chairman of ‘The H Holding Enterprise’, one of the renowned investment groups in the Emirate. “The emirate is playing a dominant role in building new business districts, developing new residential projects, shopping centres, leisure facilities, and offices.”

“Dubai realty market is well geared to tackle difficult market situations. We are witnessing strong interest from investors keen to benefit from lower market prices,” Abdullah added.

Quoting the Knight Frank report, Abdullah said over the past 15 years, Dubai has become a city of superlatives – boasting feats like the tallest building, the largest shopping mall, and the biggest manmade island, to name a few. More recently the emirate added another to the list: the busiest international airport. In 2014, Dubai International overtook London Heathrow to become the world’s air travel hub, handling more than 70 million passengers – compared to the latter’s 68.1 million.

“We see a promising 2016 ahead, though at a slower pace of growth, given the market scenario. We believe this is normal, and could be a natural stabilisation in any realty market around the world,” Abdullah said.