Dubai government officials revealed that the Emaar Real Estate Company, a public joint stock enterprise, recently obtained a permit to sell real estate to foreigners.
The initiative, which aims to attract foreign investors to the UAE, will allow Emaar to sell assets, including buildings and land, to foreigners which reside both in and out of the UAE. These residents, though, must hold appropriate visas, reported Al-Hayat daily.
In addition, all such transactions will be executed based on the 99-year leasing system, ensuring ultimate control of the Emirati land by nationals.
Furthermore, Emaar is currently executing a $5 billion, 100,000-person capacity Smart City project along the coast of Dubai. The residential complex will reportedly be called either Marsa Dubai or Dubai Dock. At the city’s center, Emaar will construct six new towers consisting of 1,200 exclusive residential apartments.
The UAE chose to develop its tourism-related property projects as part of its national income diversification plan. Such programs have a high potential for attracting foreign investment, according to industry sources.
Furthermore, many predict that real estate projects will raise the UAE property sector's contribution to the GDP from the current 11.5 percent to 14 percent in 2005. –(Mena Report)
© 2001 Mena Report (www.menareport.com)
