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Dubai is luxury personified; a haven of the biggest and best in the world, extremes of rapid advancement, real estate, events, retail projects and tourism. Like medals the achievements graces Dubai to incredible heights but there is no denying the fact that there is a flip side too, of failing fortunes, mounting debt, down sliding economy and others. But still the journey towards success and happiness is unending in Dubai– Dubai dream still exists and 2010 harbinger’s new hope. |
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| Dubai Real Estate: | |
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Picturesque architecture of Dubai embellishes it with a spectacular view, something unimaginable and considered unattainable until Dubai developers made it possible. Dubai Real Estate is streamlined with mesmerising and ground breaking construction, each infused with revolution and innovation, catapulting onlooker into a surreal world of architecture. Dubai is becoming the centre of attention for stunning real estate masterpieces like The Walk, Jumeirah Beach Residence, Business Bay, The Executive Towers, Vision Tower, Bay Avenue, The Villa and the likes. People from Europe, South East Asia and South Africa find it a striking abode to settle down for its culture, cosmopolitan nature, social integration and security in terms of political and economic environments. |
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Why Dubai is the choicest destination? • Dubai caters to universal regime with astonishing amenities and advancements in technology, making it the epitome of globalization. • Excellent education, healthcare and entertainment facilities make it a lively choice across the globe. • Diverse range in Dubai properties is not only luring the well off or the rich people, but also middle segment people who can avail a decent accommodation.
• Dubai harbours most desirable real estate opportunities among seven United Arab Emirates and this makes it one of the hot property destinations in the world.
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How is the situation in 2010?
• 2010 is seen more as the year of Selective Stability with a mild rise in vacancies and falling in average prices. However the condition may not be experienced evenly in all projects or locations. A sudden splurge of quality has spruced up the two tier market this year, resulting in stabilization of some of the best known housing projects and locations. |
| Dubai real estate is going through unpredictability at the moment, with economic meltdown and unspecific laws and regulations, lack of proper planning in infrastructural support being major causes held for the situation. However it’s more than a year into crisis but still Dubai real estate prices hasn’t plummeted to the bottom, the way it has crashed down in other developed countries across the globe. | |
| Retail Sector: | |
| Dubai is regarded as the “Shopping Capital of the Middle East” and there are manifold reasons to earn Dubai the tag name. For consumers, emirate is a shopping paradise and an unparalleled shopping destination. Consumers from all across the world satiate their zest by flocking the glossy malls which keeps coming in hordes every month. There is the advantage of indulging in two different kinds of shoppingin Duabi – one is the old souks in Deira and Dubai Souk in Bur Dubai and a streamline of modern thriving new shopping malls mushrooming around Beniyas Square, Al-Rigga, and Al-Hiyafa Road. |
The Dubai Mall with 1000+ outlets is already a landmark in Dubai. Another sort after destination is the Al Ghurair City, with twenty years history in regional retail business, a prime hunting place of consumers now. Deira City Centre under the banners of Majid Al Futtaim Group and Sahara Mall in Sharjah are other hot spots. Ibn Battuta is the new face of Dubai shopping, a specialized high-end mall for high-end consumers. Mall of Emirates is another innovative and unique concept, enduring the trend of providing the very best like everything else in Dubai. |
| Theme Based Malls: * Ibn Battuta was the pioneer of theme based malls in Dubai, deriving motivation from travels of the great explorer, Ibn Battuta. One is guaranteed a unique experience in the mall. * MOE or Mall of Emirates has a ski slope, adding to uniqueness in its touch and feel. Visitors and tourist make sure never to miss the place. This innovating concept is the main attraction to draw huge consumers to the mall. * Marina and Dubai Mall are future malls adding to the delight of more experience-based shopping. The concept of Jurassic Park and Space travel in Dubai mall is enriching the experience for visitors. * Dubai is subsequently becoming its malls paradise with the shopping destination a major tourist attraction today. |
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| Shopping Festivals Other than the shopping malls, Dubai Shopping Festivals is another major crowd puller. Two popular festivals held in a year are the DSF and DSS. The prime intention behind the festival is to promote Dubai and the intention has been well achieved with people from all over the world coming to Dubai to witness that. Travelers get a worth with great deals available in all the possible retail outlets with active participation from retailers. |
According to the last premeditated plan, the objective set for 2010 were achieved in 2005, so a new vision for 2015. Mega projects like the Palm Jumeriah, Palm Deira, and The World are boosting the shopping experience and increasing the GLA of retail space in UAE. 2009 saw 20% drop in retail sales but it’s positive to regain its lost glory in the coming years. Dip in spending capacity due to global economic crisis has forced people in Dubai to opt for smart shopping by looking for bargains and being less impulsive. Dubai should guard to balance to provide something for everyone – the wealthy class, the common man and the tourist. |
| Tourism: | |
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“Nowhere Like Dubai” is the official slogan of the Dubai tourism department and it’s true as there is no other place like Dubai on earth. Domains like tourism and technology have become synonymous with Dubai’s economic growth with current focus on finance and export activity. Economy wise, Dubai’s GDP is growing by 7-8% every year and will continue to grow irrespective of anything. This has had an influence in luring trade into Dubai with opportunities in every stream, primarily as international business and re-export centre. In just a decade, Dubai has undergone transformation from just being an oil dependent region to international business centre of global importance. In the lieu of the fact, tourism is getting big boost with 6 million visitors expected this year.
To position Dubai as the topmost tourism destination of the world, Dubailand is actively participating in the upcoming Arabian Travel Market at Dubai World Trade Centre complex. The US $5.7 billion Dubailand project is the region's biggest tourism, entertainment and leisure development. Dubai is bursting with activity. Hotels and resorts are mushrooming. 5 million tourists are already coming in every year and strive is to look beyond the 15 million target set for 2010. With projects such as Dubailand, the World Tourism Organisation foresees a growth by 50 per cent in the Middle East's tourism industry by 2020. |
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