a_towering_vision

A towering vision

By Mohanad Alwadiya,
Published: Gulf Property

Dubai’s dynamic, ever-changing landscape, a constant in the continuously developing emirate, is a characteristic of the city well-known the world over. From the opulent halls of the Burj Al Arab and the graceful fronds of the Palm Jumeirah, to the tallest skyscraper that is Burj Khalifa, the architectural and engineering feats Dubai is famous for seem to have no limits.

Such achievements in the field of architecture and engineering prove how important property development is to real estate, and to the general economy. Emaar Properties, one of the UAE’s most respected property developers, has been pioneering the development of Dubai real estate since 1997, by continually and consistently conceptualizing, designing and constructing quality master-planned communities across the emirate.

So integral has Emaar Properties been to the growth and development of Dubai that its own growth and emergence as one of the world’s most valuable and respected real estate development companies has been virtually synchronous with the emergence of Dubai as one of the world’s most prominent cities.

By delivering established communities such as Arabian Ranches, Emirates Living, and Dubai Marina, Emaar has played a major role in establishing the bedrock for supporting the lifestyle that Dubai offers today. But all that was eclipsed when it delivered its flagship development, Downtown Dubai, home to the iconic Burj Khalifa, The Dubai Mall and The Dubai Fountain. Not only did it provide what is now the world’s leading lifestyle destination, but it also reshaped Dubai’s skyline forever, and gave it a profile which is recognized around the world.

And that skyline is about to change significantly, once again, with the announcement of the construction of a stunning new architectural icon, the latest exciting development by Emaar.

The icon will simply be known as “The Tower” and its design was chosen by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, a design which draws inspiration from the lily and evokes the image of a minaret, which is a common feature and distinctive aspect of Islamic culture and architecture.

The location of The Tower is an important reminder of Dubai’s past as it will be constructed on the Dubai Creek, the cradle of Dubai’s history and culture. This astute choice of location will forever mark the origin of Dubai and remind all of the humble beginnings of what has now become a remarkable story of vision and growth, amply demonstrated by the 6 square kilometers of world-class master-planned development that will have The Tower as its centerpiece.

Not only is the site historically significant, but it is also located in close proximity to the Ras Al Khor National Wildlife Sanctuary, protected under the UNESCO Ramsar Convention, and home to over 67 species of water birds.

And, as with all great icons, The Tower has a reason for being, and is envisioned to be of symbolic significance to, not only Dubai and the UAE, but to global visitors hailing from all across the world.

Mohamed Alabbar, Chairman of Emaar Properties, said: “The Tower in Dubai Creek Harbour is our tribute to the positivity, energy and optimism that Dubai and the UAE celebrate, led by a leadership committed to all-round progress. A shining beacon of hope for the world, celebrating diversity and human achievements, this new iconic landmark further highlights the country’s ambition and futuristic vision, and enhances our nation’s pride. It will be the destination for the world to visit, enjoy and celebrate life, as Dubai prepares to host the Expo 2020.”

He also added: “It integrates, not just design excellence but also strong environmental and smart-tech considerations. With The Tower, we are delivering a compelling destination that will add long-term economic value to Dubai and the UAE. It will also position Dubai Creek Harbour as one of the most desired residential, leisure and touristic attractions, providing visitors and residents with a modern, luxurious and sustainable environment in which to live, work, learn and entertain.”

As an iconic structure, The Tower will provide a clear and bold symbol of a people’s culture, aspirations and ambitions. It will be representative of a vision of progress that has global relevance and benefit demonstrated through innovation, growth and development.

Every nation or great city has some symbolic architectural icon which helps to define either the history, vision, cultural values or characteristics of the people that inhabit it… whether it be the Statue of Liberty, The Eiffel Tower, The Shard in London, The Sydney Opera House, or even St. Basil’s Cathedral in Moscow… they are all symbols, and all of us have grown to accept those structures to be symbolic, in some way, of the cultures that they uniquely represent.

The Tower is set to become a landmark representing the pride of a nation, an unmistakable reminder of what has and can be achieved when people, corporations and governments, united by a shared vision, move together, inspired by the desire to move forward and march into the future.

And it comes as no surprise, then, that Emaar, with its pioneering spirit and continued significant contributions to the development of this amazing city, should be the driving force behind this wonderful initiative, while it continues, as a company, to help develop and reshape the face of Dubai.

Beyond promises, Dubai brings trangible benefits

The emirate has a lot going for it that make it attractive to investors from India and other countries

I was reading with interest an online article recently that underlined the top reasons why Dubai’s property was so popular with Indian nationals. The reasons offered are not really surprising and essentially summarize why investing in property in the emirate has had significant appeal for not just Indian investors, but those from every corner of the world.

Dubai is easy

Compared to many countries in the world, investing in Dubai’s real estate sector is relatively easy. Enlist a reputable brokerage, select your desired property, negotiate a price, write the necessary cheques and the property will be yours. Bureaucracy, which makes investing in other countries a pain, is virtually nonexistent and, as long as you follow procedural requirements, your property transaction will be processed efficiently and without undue delay.

Dubai provides superior value for money

When compared to the major Indian cities or big cities around the world, Dubai offers increasingly better value. A modern infrastructure that is continually being developed, a renewed focus on affordable housing, world-leading rental yields and finance rates that have been at historic lows for some time now, the value that is inherent in Dubai property is hard to beat in India or any other country in the world.

Dubai provides superior, tax-free rental yields

put simply, there are not many real estate markets in the world where an investor can enjoy an average 7 percent yield Without paying any local taxes. So, net of service charges, maintenance costs and property management fees, the rent that you charge your tenants goes straight into your wallet without the taxman taking his share. And with the cost of finance remaining at near historic lows, the interest on any borrowings you may have is easily covered by the rent that is being yielded by your property, leaving more free cash flow to pay down your principal.

Dubai doesn’t impose a capital gains tax

In addition, capital gains are not taxed upon disposal of the asset, which makes investing in Dubai property a very lucrative addition to any investment portfolio – when taken with a long-term view, a Dubai property investment will provide handsome returns. So from a total return point of view, there are few real estate investments that are better than Dubai.

World-best infrastructure and security

Many times, investments that provide such lucrative returns are normally associated vvith excessive risks or poor infrastructure. This is not the case in Dubai. Dubai’s focus has been on developing a World-leading infrastructure for the benefit of commerce, trade, tourism and habitation. The remarkable improvement that has been made in opening Dubai up for business, implementing the physical, digital and logistical infrastructures, legal framework and economic policies in the post—recession period

has been impressive. There is no doubt that Dubai’s future is looking very bright and investors globally continue to monitor its progress very closely.

Dubai’s brand value has never been stronger

There is no doubt that Dubai has captured the imagination of the world and there is no better barometer of this than its burgeoning tourism industry. Investments in revenue-generating sectors such as entertainment and hospitality have ensured that Dubai is increasingly being included on travellers’ bucket lists all over the world.

Dubai excels at economic entrepreneurialism

Dubai is excelling in an area I call economic entrepreneurialism. Already known for conducting world renowned exhibitions, there is no greater example than the upcoming World Expo, which Dubai will be hosting in 2020. Dubai is committed to making it the best ever.

Dubai is close to India and many countries

There is no doubt that Dubai is well placed geographically. With one-third of the world’s population within a four-hour flight and two-thirds within an eight-hour flight, existing emerging, economies such as Russia, India and China, and soon-to-be emerging economies on the African and South Asian continents will soon all share Dubai as a central hub. No wonder investors are so excited about the emirates prospects.

A multicultural and cosmopolitan society

Long a haven for expats that fulfilled employment contracts of limited duration, more and more people have decided to settle down and call Dubai home. This change in outlook has had a dramatic effect on the stability of the property market and the development of a society that, while incredibly diverse, is also less transient and more committed to developing the emirate as a long-term lifestyle solution. As a result, while there has always been a vibrant and strong Indian community; communities representing other nationalities are developing rapidly making it easier for new expats to make a decision to make Dubai their new home. History has proven that strong nations were built upon such diversity.