Jan 20 2009
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Dubai experiencing sustained business and tourism growth, says Advisory Council Chairman
•Airline passenger arrivals up average five per cent in past two months
•28,000 new homes expected to be delivered in 2009, representing overall supply-demand equilibrium
Despite challenging financial conditions globally, Dubai continues to witness sustained net growth in the establishment of new businesses and increased airline passenger arrivals, according to the Chairman of The Advisory Council of the Government of Dubai, a high-level economic advisory body established at the direction of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Addressing over 250 private business leaders in Dubai, The Advisory Council Chairman, His Excellency Mohamed Alabbar, provided data on a range of key indicators of the economic health of the emirate, including its real estate sector, which is forecast to experience supply-demand equilibrium in 2009.
In November and December of 2008, the Government of Dubai issued 1,285 new business licenses per month, up significantly from 1,045 per month for the same period in 2007. During November and December of 2008, the Government of Dubai cancelled 148 licenses per month, in comparison to 131 licenses cancelled per month during the same period in 2007. This shows that the number of new businesses set up in Dubai has grown, despite the global financial crisis, stressed Mr. Alabbar.
Turning to the property sector, he pointed out that the most recent projections provided by the Real Estate Regulatory Agency (RERA) show that there is an expected supply of some 28,000 new homes in Dubai this year, with the three main developers controlling overall demand and supply. With the current trend of sustained growth of new residents, supply is forecast to be in line with demand this year, said Mr. Alabbar.
"The challenges that confront us and our young, energetic population here in Dubai and the wider region are very much cyclical in nature," said Mr. Alabbar. "But we must adjust to such movement, and are already making the structural changes necessary to best manage this new economic reality. The Dubai Government has already set an example with the recent announcement of its budget focused on increased public spending, with no new government fees or taxes.
"No one has ever accused Dubai of being afraid to think big or new or different," he told the high-level audience. "We have to maintain that spirit of bold innovation - especially now, during this time of great challenges. When the world is in the midst of a crisis of confidence, as it is today, confident cities with confident leadership are critical. We have to continue to show the world that some things are possible only in Dubai."
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