Construction & Real Estate

Dubai Construction & Real Estate

Although perhaps no longer able to boast more cranes operating within its boundaries than in all the other cities of the world put together, Dubai is still comfortably one of the world’s leading centres for the construction industry. Major projects continue to roll out, while existing ones finish off or evolve into new developments. This activity is not without its challenges however. Past misfortunes have left a legacy of greater caution and tighter regulation. The global environment, too, poses challenges, with oil and gas prices at a low, the dollar – and thus the dollar-pegged dirham – at a high, and growth slowing in China and sluggish in Europe. All these factors impact the Dubai construction sector precisely because of one of its great strengths – its global interconnectedness and international status. Going forward though, there is plenty about which to be optimistic, with contractors, building materials suppliers and manufacturers all seeing high demand for their services as the emirate prepares itself for Dubai Expo 2020 and beyond.

This chapter contains interviews with Sultan Buti Bin Mejren, Director-General, Dubai Land Department (DLD); and Hesham Abdullah Al Qassim, CEO, wasl Asset Management Group.