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(MENAFN Press) Many companies in the UAE's real estate market have witnessed remarkable growth over the past few years with the sector averaging a growth rate of approximately 1,200 to 1,500 percent in the period 2000 to 2007, led by Abu Dhabi and Dubai.
According to recent statistics issued by Dubai's Real Estate Regulatory Authority (RERA) and the Dubai Land Department, as well as data released by the Abu Dhabi Chamber of Commerce, the number of registered real estate developers and related companies in the two emirates has risen to 4,047, including 1,588 companies and contracting offices in Dubai, and 1,588 management, investment and real estate development companies in Abu Dhabi.
Commenting on the subject, Ali Fakhruddin, Director of leading UAE real estate company Fakhruddin Properties, said, "As one of the country's most profitable investment sources, the real estate sector is attracting the attention of investors from all over the globe, due in large part to the composed projects and environment that the market provides for investment.
As a result, bank funding for the real estate market alone in 2007 amounted to AED 45 billion, of a total of AED 75 billion allocated for the construction sector"
Fakhruddin added that "according to a global survey conducted by recruitment company Manpower Middle East, the UAE was rated the sixth most popular work destination, and the number one destination for workers already based in the Middle East. "Part of the reason behind this," he explained, "is that, due to the high level of growth in the region, the demand for workers is at an all-time high, and because of this, there is no shortage of jobs in the country, and packages are generous so as to attract and keep workers within the UAE-based companies."
The UAE economy was ranked 63rd, with an overall score of 62.8 percent on the 2008 Index of Economic Freedom, which examines the economic activities of 162 countries, focusing on ten specific factors. The UAE also recorded an above-global average in monetary freedom (70.9%), trade freedom (80.4%), government size (80.2%) and fiscal freedom (99.9%), surpassing a large number of well-known industrial countries.
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