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Outlook on Dubai Real Estate as Kele is gearing up

Elias: confident that we have the capability to contribute to the region’s growth and development

The start of 2012 has seen an emergence of a relatively positive economic outlook for the future of Dubai with the Economic Department stating that despite the recession in the UAE, the majority of investors have not considered shifting their investments elsewhere. Additionally, the economy grew by 4 per cent in 2011, 1.4 per cent in 2010, and at the recent ‘Dubai Economic Outlook 2012’ Forum, it was said that Dubai’s economy is expected to grow by 4.5 per cent in 2012The UAE economy remains on track as pockets of stability and even further growth are to be seen. After the financial crisis set off a real-estate slump that caused property values to fall by more than 60 according to a recent HSBC report, almost half of all the construction projects in the UAE - worth around Dhs1.1 trillion - have been either put on hold or cancelled in response to falling demand and declining market conditions. When it comes to real estate, currently, there is still an oversupply of units, with the Dubai Land Department data showing that the number of sales during the fourth quarter of 2011 reached 2,605 compared to 1,589 in the third quarter.

Kele Contracting, one of the UAE’s most reputable contracting firms, believes that positive change is expected for Dubai and the region in 2012. Commenting on Kele’s role in construction in the UAE and the outlook for the year ahead, Kele Contracting CEO, Andrew Elias, said positive growth is expected in the UAE and the region and that investment in construction projects will increase in 2012, increasing the supply of apartments and houses in the market.

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