The Links Group, foremost company formation specialist in the UAE and Qatar, hosted a ‘Club Fit For Business’ session at the Shangri-La Hotel in Dubai last week, where more than 50 professionals gathered to hear about the state of Dubai's commercial real estate market.
The session was presented by Nicholas Maclean, Managing Director of CBRE Middle East, who said that Dubai's commercial real estate market is one of the most important globally, having enjoyed sustained year-on-year growth for the last six years.
The office market in Dubai has almost doubled its size since 2008, reaching more than eight million square metres in 2014; bigger than the city of London’s office market which is less than seven million square metres. CBRE says Dubai’s current average rental prices offer great value compared to 2008 prices and many international office markets.
According to The Links Group, the increase in prime office supply at more competitive rental prices is helping to attract more inward investment to Dubai with more foreign companies interested in establishing a physical presence in the emirate.
With Dubai planning to reach AED300 billion in tourism and 20 million tourists under its Vision 2020 strategy, investment in the hospitality and retail sectors are now top priorities for the government. According to CBRE, Dubai’s hospitality sector is expected to rise 42 percent by 2017, reaching 91,000 rooms while its retail sector is expected to increase 24 percent by 2017, reaching 2.85 million square metres.
“With strengths in tourism, logistics and transport, Dubai’s commercial real estate market is one of the most lucrative markets for foreign investment. This positive sentiment is reflected in the growth and momentum that we are seeing for The Links Group clients, and the ongoing confidence in this region demonstrates the professionalism and maturity of the UAE business community. Removing more barriers, such as foreign ownership restrictions, will make Dubai an even more attractive trade and investment destination,” said Simon Hobart, Group General Manager of The Links Group. “We are delighted to be working with Club Fit For Business and we look forward to partnering on other events to keep investors up to date on the latest developments in Dubai’s key sectors.”
Liam Mooney, Managing Director of Blue Pencil and founder of Club Fit For Business said: “Dubai’s commercial real estate market plays a significant role in Dubai’s GDP and presents attractive opportunities for local and international investors. We would like to thank CBRE and The Links Group for their support of Club Fit For Business.”