Dubai Shuns Africa on Property Investment, Targets US, Europe, China

Akanimo Sampson

Akanimo Sampson

Africa does not appear to be one of the major considerations for Dubai’s real estate promotion this year. She is targeting European countries more.

This is coming as Dubai Land Department (DLD) has launched their real estate promotion plan for the year which is expected to see the emirate’s property investment potential showcased in 10 countries with only Egypt in Africa.

CEO of the Real Estate Investment Promotion Investment Management Sector at DLD, Majida Ali Rashid, outlined plans for 20 exhibitions, conferences, and events in the nine other countries, including the United Arab Emirate, Saudi Arabia, France, the US, Canada, China, the United Kingdom, India and Germany.

Director General of DLD, Sultan Butti bin Mejren, stressed that the selection of countries was based on specific criteria, most notably the activities of the investors from these countries.

Adding, bin Mejren said ‘’this year has already been an active year for us after having received a huge delegation from the US and Singapore. These activities will continue throughout the year to progress upon the success we achieved in previous years. There are many aspects that deserve to be highlighted in our real estate market, which will help us achieve the desired results. Dubai remains at the forefront for global investors.’’

The 2019 agenda will include the International Property Show in Cairo and Jeddah; round tables for investors in Africa, Europe, and a number of GCC countries to review the real estate investment opportunities in Dubai.

DLD will also participate in the 30th edition of MIPIM, an international event hosted by the French city of Cannes every March.

In addition, DLD will participate in the Dubai Property Festival, the Asian Real Estate Association of America, the Annual Investment Forum in Dubai, Cityscape Global 2019, the London Property Investor Show, the London Real Estate Forum, the 19th Luxury Properties Showcase, and the Beijing Overseas Property & Investment Show as well as in other activities in Germany, the US, and the UAE.

DLD said its promotional plans aim to embrace the diverse international market, provide the best marketing solutions for developers and brokers, and help all parties acquire knowledge of various trends.

In October, DLD said that it had recorded real estate deals worth AED162 billion ($44.1 billion) during the first nine months of 2018.

The figures represented a fall of more than AED40 billion (20 percent) compared to the same period last year although the total number of transactions rose by over 2,000 to 39,802.

The top 10 investors by nationality were topped by Emiratis and Indians, followed by Saudis, Pakistanis and Brits. Residents from China, Egypt, Jordan, Canada, and Russia rounded out the list.

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