UAE’S real es­tate land­scape gains mo­men­tum

The Gulf Today - Business - - FRONT PAGE - BY A STAFF RE­PORTER

DUBAI: The UAE wit­nessed a sig­nif­i­cant de­vel­op­ment in the prop­erty mar­ket last week with the open­ing of Fidu Prop­er­ties’ re­gional of­fice in Dubai. With this event, Fidu now of­fi­cially es­tab­lishes its foot­print in the lo­cal mar­ket, hav­ing worked re­motely with the UAE for the past 2 years.

Fidu is one of the grow­ing num­ber of Chi­nese play­ers in Dubai prop­erty mar­ket. Ac­cord­ing to con­sul­tancy Knight Frank, the Chi­nese ranked as the 4th most ac­tive real es­tate in­vestors in the first half of 2017. In­ter­est­ingly, Chi­nese con­trac­tors fea­ture among the top 5 con­trac­tors in the UAE. The con­sul­tancy also es­ti­mates that Chi­nese con­trac­tors will ac­count for 6% of all con­tracts be­tween 2018-2020 in the Emi­rates.

The new re­gional of­fices at Em­mar Square Down­town, spans over 8000 square feet. Its 40-odd staff and agents are a happy mix of var­i­ous na­tion­al­i­ties, care­fully hand­picked to serve Dubai’s cos­mopoli­tan res­i­dents. More agents are ex­pected to come on board as de­mand rises.

Com­ment­ing on the in­au­gu­ra­tion, Zhang Zun­long, Chief Op­er­at­ing Of­fi­cer of Fidu Prop­er­ties said, “The name Fidu Prop­er­ties is no new­comer to the UAE, hav­ing at­tracted over Dhs780 mil­lion in in­vest­ments in the Emi­rates over the past 2 years. Fidu is a key player in both the Chi­nese and Hong Kong prop­erty mar­ket. We are known for our skills at cre­at­ing op­por­tu­ni­ties com­bined with in­no­va­tive think­ing. The prop­erty mar­ket here can cer­tainly gain from the new Asian di­men­sion that Fidu brings.”

He added: “I am delighted at the open­ing of this of­fice. It rep­re­sents a launch­ing pad for the com­pany in this re­gion and we hope to uti­lize our ex­cel­lent track record in bro­ker­age and fa­cil­i­ties man­age­ment for the ben­e­fit of stake­hold­ers. We are here for the long haul and have set our sights on the fu­ture.

Re­cent re­ports es­ti­mate that more than 8,000 real es­tate trans­ac­tions were com­pleted by Chi­nese in just two years. So it comes as no sur­prise that Dubai de­vel­op­ers have iden­ti­fied China as a size­able tar­get buy­ers and roughly a quar­ter of those trans­ac­tions, to the value of over Dirhams 3 bil­lion, took ef­fect in the past for joint ven­tures, en­cour­aged by fo­cused mar­ket­ing ef­forts at ex­hi­bi­tions in China.

Fidu’s Dubai of­fice co­in­cides with its prom­i­nent par­tic­i­pa­tion in Expo 2020 in Dubai where it will show­case its ‘Belt & Road’ ini­tia­tive as well as its lat­est tech­nolo­gies. Ni Jian, the Chi­nese Am­bas­sador considers the UAE as an im­por­tant hub on the Belt & Road route and re­cently un­der­lined the very en­dur­ing re­la­tion­ship be­tween China and the UAE. Al­ready the two coun­tries col­lab­o­rate com­pre­hen­sively in sev­eral sec­tors in­clud­ing eco­nomic, cul­tural and ed­u­ca­tional. Hence, it comes as no sur­prise that trade be­tween China and UAE touched $41 bil­lion in 2017.

Fidu’s new pres­ence in Dubai is ‘on the spot’ to ex­plore op­por­tu­ni­ties and in­te­grate with in­vestors and buy­ers. It is aware that Dubai of­fers lu­cra­tive in­vest­ment op­por­tu­ni­ties and re­turn on in­vest­ment, which au­gurs well for the fu­ture.

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