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2011-2012 market overview by CEO Elias

Elias: Approximately USD1trillion in planned projects in the GCC states, with KSA leading the field, followed by Iraq, Qatar, and the UAE

2011 was a year full of excitement and challenges, but while some areas of the Arab World were hard hit by social and economic changes, places such as the UAE actually benefited from the Arab spring, with tourists choosing to travel to such places for security reasons.


According to Kele Contracting CEO Andrew Elias, the UAE has always been the safe haven for people residing in the GCC region. He says that over the past year in particular, the UAE has seen consistently high occupancy rates in hotels, as well as increased traffic through its airports and shopping malls, and that families looking for a more stable living environment are choosing to buy property in the UAE.


“We are expecting many positive changes for the UAE in 2012. Demand from expats from the neighbouring Arab spring countries, especially Egypt and Syria, will be high as many are looking to the UAE as a safe place to rent or buy,” says Elias. “Dubai is still an attractive place for investments, particularly in areas such as Dubai Marina, Downtown Dubai and Emirates Hills, and price growth of up to ten percent is expected in these areas next year”.
However, Elias warns, in areas where there is still an oversupply decreases in prices can be expected. “Fujeirah also has a promising future, as the government is spending a lot on infrastructure, ports, residential villas and energy projects, and there are great opportunities for the private sector to develop projects such as hotels, hospitals and schools. Fujeirah will also be serving as a strategic logistics port for the UAE in years to come.”

 
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