8,011 operating licenses in the sector, including 680 real estate developers
The real estate sector has grown into a significant component of the economy in Dubai and the number of companies engaged in real estate and related activities in Dubai has now reached 8,011, including more than 680 real estate developers. According to the Business Registration & Licensing (BRL) sector in Dubai Economy, the emirate's real estate sector has expanded substantially since 2001 with a 22.4 per cent growth recorded within the last five years alone.
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Real estate brokerage accounts for 43 per cent of the all the activities (5,755) recorded in the sector since 2011 followed by real estate leasing and rental (18 per cent, or 2,373 activities). There have been 1,390 activities relating to sale and purchase of lands and real properties, 1,285 relating to property management and leasing, followed by 740 relating to supervision services, 682 real estate development activities, 585 leasing and real estate management services for third parties, 163 related to real estate consultancy and 106 activities relating to administrative supervision of the owners associations.
The ferris wheel off the JBR coast.
4 of UAE's biggest projects that will boost consumer spending
Some of these projects are likely to bring more cheer to Dubai shoppers
Dubai: In a country where shopping is a favourite pastime for residents with high disposable incomes, there is no shortage of malls, shopping centres and boutiques.
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Every so often, a new development is being announced, be it a mega shopping complex on a man-made island or a series of retail shops to complement another larger-than-life landmark.
Between 2017 and 2020 alone, at least four mega developments that are currently under construction in the UAE are scheduled for completion, and they are expected to deliver more than 3,000 shops.
The developments include malls, as well as leisure and recreation facilities, that cost as much as $1.8 billion (Dh6.6 billion) to build. And all of these projects have one goal in common: to cash in on the spending power of UAE residents and visitors.
In 2016, shopping malls in Dubai, Abu Dhabi and the rest of the emirates, attracted more visitors than ever, with footfall numbers posting a 5.8 per cent increase, thanks mainly to the huge influx of tourists, shopping promotions and events, and a tax-free regime.