Dubai’s rapid growth
Dubai’s prospects for the near-term look strong as the emirate’s economy and real estate are undergoing the most rapid growth in the Middle East for the shortterm period, says a report.
dubai — Dubai’s prospects for the near-term look strong as the emirate’s economy and real estate are undergoing the most rapid growth in the Middle East for the shortterm period, says a report.
The JLL’s latest City Momentum Index 2018 data of top 30 cities, disclosed that Dubai has been ranked 27th for the short-term growth prospects, ahead of Bangkok, Seattle and Bucharest. However, the emirate was rated 11th among the top 30 most dynamic cities in JLL’s report last year.
Emirates NBD Research estimated that Dubai’s economy grew 3.5 per cent over the whole of 2017 and it is expect that growth will accelerate to 4 per cent this year. According to figures released by the Dubai Statistics Centre, the emirate’s GDP grew by 2.6 per cent or Dh10 billion to reach Dh389 billion last year.
IMF recently said Dubai would be a key driver of the UAE’s economic growth with its non-oil economy on track to record a 3.7 per cent growth in 2018 compared to 3.3 per cent in the previous year. Dubai has been taking a number of initiatives through its Plan 2021, Dubai 10X and Dubai Industrial Strategy 2030 that would drive the emirate’s growth in multiple sectors.
According to JLL, the short-term momentum ranking identify cities undergoing the most rapid growth in key segments such as population, connectivity, real estate investment, property prices, economic output, corporate activity, construction and retail sales.
Globally, India maintains its pre-eminence in the short-term momentum ranking with four of the top five markets, as its cities register among the highest rates of demographic and economic growth globally, while also benefitting from government efforts to boost business attractiveness and invest in infrastructure.
The country’s leading tech hubs Hyderabad (1st) and Bangalore (2nd) take the two top positions, while Pune (4th) and Kolkata (5th) round out the top 5. India’s Tier 1 cities such as Delhi (8th), Chennai (14th) and Mumbai (20th) also feature in the Global Top 30, with continued strong demand from technology, finance and pharmaceutical companies keeping take-up volumes buoyant and investor activity on an upward path. While Chinese cities show no sign of diminishing momentum, accounting for 11 of the Global Top 30, Nanjing (7th) and Hangzhou (9th) are the top performers, boosted by their shift up the value chain.
They are joined by markets with a strong talent base which are becoming global leaders in technology and advanced manufacturing such as Guangzhou (16th) and Shenzhen (19th), while China’s ‘Established World Cities’ Shanghai (15th) and Beijing (22nd) remain among the world’s most dynamic markets, supported by a raft of innovative, ‘next generation’ corporations, rapidly-developing infrastructure and educated workforces. According to JLL’s San Francisco, Silicon Valley, New York, London, Boston, Los Angeles, Paris, Amsterdam, Toronto and San Diego rounding off the top 10 most future-proof cities in the world.