The UAE housing market is likely to be one of the big winners in the next 20 years, thanks to China and its continuing economic growth, a leading economist has said.
Speaking on the opening day of Cityscape, Ian Goldin, professor of globalisation and development at the University of Oxford and a former World Bank Vice President, said Dubai would be perfectly placed to thrive in a post-pandemic world.
“The UAE is ideally placed to be a bridge and a centre for economic activity, and it is shifting from manufacturing towards services, in digital, financial and people," he said.
“Dubai and the UAE can seize this opportunity, with the real estate sector benefiting, and we are already seeing a rebound to pre-pandemic levels, and this will be sustained.”
By 2040 we will be in a very different world, much cleaner with less pollution and we will be more resilient
Ian Goldin,
Professor of Globalisation and Development, University of Oxford
Despite his optimistic rally, Prof Goldin also warned against the triple threat of the pandemic, climate change and geopolitical turmoil in his speech at the international property conference in Dubai.
“By 2040, the world economy will look very different,” he said.
“China will be by far the biggest economy, accounting for around 18 per cent of global economic activity. The US will slip to number 3, accounting for 12 per cent of economic activity and India will be the second largest economy at around 15 per cent."
Strong links
The UAE has formed strong links in trade, commerce and culture with China, and the Emirates accounted for 28 per cent of the non-oil trade between China and Arab countries.
Trade deals have topped more than $50 billion, with more than 6,000 Chinese companies now operating in the UAE.
Prof Goldin, an economic advisor to Nelson Mandela from 1996 to 2001, said the next few decades would not be easy.
“Dark clouds remain on the horizon as there is still uncertainty,” he said.
“By 2040 we will be in a very different world, much cleaner with less pollution, and we will be more resilient. It is how we get there that is uncertain.
“The pandemic is the first uncertainty, the second is climate change and the third is global geopolitical tensions.
“Addressing these uncertainties will become the backdrop to the UAE’s development over the next 30 years.”
Improve quality of life
The Expo 2020 Dubai site is destined to become one of two new residential and commercial zones under Dubai’s Vision 2040 to shape future investment.
Under the plans Dubai Silicon Oasis will be expanded, and become a hub for science and technology.
Deira and Bur Dubai will retain their status of heritage and tradition, while Downtown Dubai and Business Bay act as the emirate’s financial hub.
Dubai Marina and JBR will be centres for tourism and entertainment under the Dubai 2040 Urban Master Plan.
Development plans include a 400 per cent increase is space designated for public beaches and a 134 per cent rise in space for hospitality and tourism. Sixty per cent of the emirate will be converted to nature reserves.
It is hoped an expansion of bus, boat, metro and tram routes will enable 55 per cent of the city’s population to Iive within 800 metres of public transport.
All to accommodate the emirate with an expected population of 5.8 million by 2040.
Nasser Abu Shehab, chief executive of strategy and corporate governance at Dubai Roads and Transport Authority, said the urban plan was people-centric and focused on improving quality of life.
“It will offer multiple lifestyle options for visitors and residents, as well as tackling [ways] to develop the city,” he said at Cityscape.
“The plan includes developing vibrant, healthy communities with a range of amenities.
“Citizens are at the top of the leadership priority and the plan includes diverse options for residential units customised to a family’s growth over time.
“The national housing programme supports many initiatives to support this growth, with Dh65 billion spent on the development of national housing.
“The plan has set high standards and has great potential for new development to make Dubai the best city to live in.”
____________________
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
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Killing of Qassem Suleimani
The biog
Favourite hobby: I love to sing but I don’t get to sing as much nowadays sadly.
Favourite book: Anything by Sidney Sheldon.
Favourite movie: The Exorcist 2. It is a big thing in our family to sit around together and watch horror movies, I love watching them.
Favourite holiday destination: The favourite place I have been to is Florence, it is a beautiful city. My dream though has always been to visit Cyprus, I really want to go there.
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
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Voy!%20Voy!%20Voy!
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
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UAE currency: the story behind the money in your pockets
