Impressive growth in profits of UAE’s listed real-estate developers in 2013 reflects dynamism of property sector
Seven of the UAE’s leading listed real estate developers registered net profit growth of 74.4% in 2013, compared to 2012.
Organisers of the International Property Show, which will be held on 8-10 April at the Dubai International Convention and Exhibition Centre, said this growth reflects the rapid recovery of the real estate sector, boosted by many favourable factors, including the successful bid for hosting Expo 2020.
Dawood Al Shezawi, CEO, Strategic Marketing & Exhibitions, organizers of the International Property Show (IPS) said: “The real-estate sector registered organic growth last year. This is due to the vote of confidence of the local, Arab, and foreign investors who are allocating higher investment budgets for the UAE market, encouraged by the introduction of new legislation and decrees and a positive impact of other booming sectors.”
“The dynamism of UAE’s real estate market has whetted the appetite of investors further. The real estate market has witnessed a great leap in 2014 after the announcement of winning the bid for hosting Expo 2020 at the end of last year. We expect the listed real estate companies to notch further growth in 2014,” added Al Shezawi.
Al Shezawi said: “Leading real-estate firms have expressed satisfaction over their operations in 2013 in which they achieved high net profits. This augurs well for the upcoming International Property Show, as a specialised exhibition that will help boost the sector further.”
To name a few, Union Properties, listed in Dubai Financial Market (DFM) and a main exhibitor at IPS, registered a huge growth recently The company is planning to invest AED 6 billion to develop 5 multi-use projects between 2016 and 2017 to be located on a 12 million square meter area in Dubai Motor City.
“The best way to establish a footprint in the Middle East market is through specialised exhibitions as they offer ideal platforms to conduct deals and partnerships. We expect wide international and Arab participation in IPS, driven by the growing interest in Dubai’s real-estate market,” Al Shezawi added.
The IPS will see participation from 80 countries from around the world, supported by 80 leading media outlets. In addition, the exhibition, which is supported by the Dubai Land Department, has succeeded in getting wide international exposure due to the trust of foreign investors in the UAE’s construction sector.
The 10th IPS will attract developers of hotels, institutions, businesses, residential projects, offices and retail projects, as well as real-estate development authorities and free zones.