January 4 marked the start of a significant decade for the UAE. As much as the country has progressed in the last few decades, the future holds more potential as recognised by the Prime Minister.
In a tweet addressed to the nation, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai tweeted: We welcome 2020 with optimism and renewed goals of ensuring the best quality of life for our residents and visitors. This year, we develop our social and economic governance to foresee future global opportunities for Dubai.
Recently, the UAE also observed the approval of a five-year multi-entry tourist visa for all nationalities visiting the country. This has been already received well among the masses, and the ex-pats, as well as the locals of the UAE, are overwhelmed at the approval of the long-term tourist visa.
In an important address, he clearly stated: We challenge our government and Federal teams for the next 50 years. The year 2020 leaves behind 50 years of achievements and welcomes 50 years of perseverance and hard work in the service of the nation and its citizens.
Setting up the Dubai Council
Our sons and daughters, our sisters and brothers, fathers and mothers, our senior citizens, people residing in our country, our partners in building the nation and development, the distinguished scholars and geniuses everywhere, we have placed enthusiastic government work teams to work in the service of each of them. These teams are made of the best and most sincere capabilities which are working assiduously and tirelessly 24 hours a day, seven days a week and 365 days a year.
The setting up of the Dubai council was also one of the critical steps that were taken. It is comprised of His Highness Sheikh Mohammed bin Rashid and his sons, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai who will lead the Council. The Dubai Council was set up to ensure that Dubai touches new heights and establishes its milestones in the following six sectors: the economy, services for citizens, governmental development, infrastructure, justice and security and health and knowledge.
The Council is said to work according to the books strictly, and the ruler even mentioned in his speech the fact that the people in the Council who fail to bring about real change within two years shall be relieved of their duties and replaced.
“What worked in the past may not work in the future, and what has benefited us in the last 20 years may not benefit us in the next 20 years. Time forces us to change tools, renew institutions and fight stagnation,” he said.
The Council is expected to make major decisions in favour of turning Dubai into “a jewel of the world’s cities”. The agenda of the Council will be updated every month in a meeting that’s been decided to happen once a month. Experts all around the world see this as a big step from the Dubai ruler and his associates.
How the Dubai Council will affect the real estate market
The emerging challenges in the real estate sector in Dubai are also one of the sectors that are being heavily linked to getting developed by this Council. The recent measures taken by the government to fight the challenges has shown a steady increase in the Dubai real estate market. More and more people are buying Dubai properties for rent or resale purpose. For the people raising questions on the losses that the real estate sector faced in the pre-December 2019 phase, the new Council will set up advisories and take probe into the works of the real estate giants in the industry.
This and the Dubai Expo 2020 are believed to lure more investors of making substantial investments in the real estate in Dubai. This can provide them with a stable means of income as well as an asset that can bring them hefty returns down the line. Apart from this, the five-year multi-entry tourist visa will also lure tourists into visiting and investing in the Dubai properties. The ruler recognised the fact that tourists from Africa, some South American countries, Arab states outside the Gulf, and European nations from outside the European Union and the former Soviet Union have been adamant about acquiring the visa and coming for a future in this country.
Sheikh Mohammed insisted, “The preparation for the next 50 years is a challenge we accept along with our federal teams. We are confident that these teams are up for the challenge and able to create a positive change in the lives of our citizens and to achieve the objectives of the agenda 2021.”
Apart from all these, there have been changes in the regulation which have proven beneficial for turning the market towards a buyers’ market. The sole reason for the Expo 2020 will be to bring in finances from financial investors from across the world to the UAE. This will ultimately carry the sale prices to rise with the rise in demand.
According to an Ernst & Young (EY) report, the legacy period of Expo 2020 – estimated between 2021 and 2031 – is expected to contribute AED62.2 billion in gross value added (GVA) to the UAE economy.
The best way to summarise Dubai’s vision for 2020 and beyond is that the real-estate sector will turn mature now and with the policies from the Dubai Council and steps to implement them, it is predicted to flourish. Meanwhile, the Dubai properties for sale are increasing and are being rolled out in plenty for investors to invest.
Dubai has already attained a spot in the most sought-after cities in the world. Now, the responsibility of maintaining it and nourishing it lies in the hands of the Dubai Council. The concepts that will help the economy and the real estate sector in Dubai thrive and reach the leading economies in the world are welcome by the Council any time of the day.