As many investors in the United Arab Emirates and abroadare wondering about the economic
future of the UAE in the coming period, or what is expected in the UAE in 2021,
Investors’ optimism in the region has also declined as a result of the slowdown in economic growth in the region due to lower oil prices. However, growth expectations in the Middle East are in line with the expectations of the global GTR magazine, which expected 2021 to be a turning point in the UAE economy. This was attributed to Dubai’s success in convincing the world to host Expo 2021 Dubai.
Expo is an economic turning point in the history of the UAE, not only Dubai. It is expected that everything in the UAE will improve. In this report, we will not review the expectations of economic experts regarding the economic growth of the UAE during 2021, as this was previously reviewed in our previous report. What we want to review now is what actually lies ahead for investment and the economy in the UAE.
Quarter Group has the experience to provide market information, conduct market studies, and prepare investment plans for our clients. We also provide our clients with all the facilities necessary to make a good investment in the UAE and to resolve any problems that an investor may face.
Quarter Group provides investors with all the services they require, starting from selecting the appropriate investment and preparing the feasibility study, through a dedicated department for completing the company’s incorporation contracts, recruiting employees and processing their residence procedures, to preparing an accounting system for the company, opening a tax file for the company, providing administrative and financial auditing services, and continuously providing the client with financial and investment consultancy.
Health Strategy 2021
The UAE Health Strategy 2021 aims to develop health services and establish Dubai as a major healthcare destination in the UAE and the region over the next five years.
The strategy is based on four core pillars designed to ensure a safe and healthy environment for Dubai residents and provide high-quality healthcare services to patients.
Education Strategy 2021
In its efforts to provide the best level of education for future generations, the UAE Ministry of Education developed the Education Strategy 2010–2021, which places the student at its centre and focuses on the quality of educational and academic performance in public and private schools.
The strategy includes 50 initiatives implemented through a 10-year long-term plan. These include restructuring secondary education, upgrading the educational curriculum to meet the requirements of higher education in the UAE and abroad and the labour market, developing a system for selecting educational institutions, and achieving a balance between the different components of knowledge and academic subjects, particularly science, mathematics, and the English language.
Tourism Strategy 2021
The UAE Tourism Vision 2021 represents a strategic roadmap with the primary objective of attracting 20 million visitors by 2021 and focusing on making Abu Dhabi and Dubai the “first choice” for leisure and business travellers.
The strategy outlines the requirements that need to be provided in the city in order to effectively increase the number of visitors. These include expanding the range of events held in Dubai, tourist attractions, infrastructure, services, and various packages in the emirate.
The focus will be on three main objectives:
Maintaining market share in existing source markets.
Increasing market share in markets expected to experience significant potential growth.
Increasing the number of repeat visits.
Expo 2021
Dubai will host the World Expo from October 2021 to April 2022, bringing together more than 192 countries and millions of visitors from around the world. The event is expected to attract 25 million visits, making it one of the largest exhibitions in the world.
Expo will be held on an area of 438 hectares near three international airports and connected to a dedicated transportation network for this global event. Visitors to Expo will have the opportunity to enjoy distinctive architectural designs, interact with diverse cultures, experience creative performances, and taste different types of food from around the world. Most importantly, visitors will be able to see the latest technologies and innovations brought together in one place.
Over the course of six months, Expo Dubai will host hundreds of countries, companies, and individuals to explore the future and exchange views on topics related to opportunities, mobility, and sustainability. Millions of visitors from around the world will be able to experience a shared objective: cooperation for a better future.
It is expected that 70% of visitors will come from outside the UAE, making Expo 2021 the largest exhibition in terms of international visitors.
Dubai laid the foundation for many projects that were scheduled to be launched by the opening of the 2021 World Expo. According to a report issued by BNC, a project information provider in the Middle East and North Africa, the estimated value of projects related to Expo was AED 156 billion, of which AED 64 billion would be spent on infrastructure and transportation projects, AED 48.5 billion on commercial and residential real estate projects, and AED 40.4 billion on major hospitality projects such as hotels, tourist destinations, and theme parks.
Dubai Water Canal
The project began construction in 2013 and opened in 2016. It is a 3.2-kilometre waterway, between 80 and 120 metres wide, extending towards the Arabian Gulf from the Dubai Creek area in Old Dubai, passing through Business Bay. Many hotels, restaurants, and cafés are located along the canal.
Museum of the Future
Launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Museum of the Future will feature the latest international inventions and will serve as a focal point for the emirate’s focus on creativity. It will be one of the most advanced buildings in the world.
The museum was designed by “Killa Design” and obtained certification from the U.S. Green Building Council.
Aladdin City
Located in Al Rigga on Dubai Creek, this project consists of three buildings comprising commercial offices, hotels, and towers. All feature designs inspired by the distinctive buildings associated with the legendary story of Aladdin.
Sheikh Rashid Bin Saeed Bridge
This crossing is a bridge approximately 1,600 metres long. It is an arch bridge with a width of 64 metres and a height of 205 metres.
The bridge was designed at a cost of AED 3 billion and was opened in 2015.
Ain Dubai
A tourist attraction located on Bluewaters Island, with a height of approximately 210 metres. It was designed in the shape of an eye, giving it a very distinctive appearance. There is also an area below designated for concerts and various entertainment activities.
Nakheel Mall
Located on Palm Jumeirah, this mall is a shopping and entertainment centre comprising 200 retail stores and 4,000 retail units, in addition to entertainment facilities such as a cinema, medical centre, and sports centre, as well as a range of restaurants and cafés.
It was expected to open by 2016.
Dubai Creek Tower
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the construction works of Dubai Creek Tower, which was expected to become the tallest building in the world upon completion in 2020.
The tower was expected to surpass all records for high-rise buildings, including the Burj Khalifa, which stands at 828 metres, making it the tallest building in the world upon completion.
The new tower represents a high-value economic addition and supports the Dubai 2021 Plan, which includes among its primary objectives strengthening Dubai’s position as a global city for tourism, leisure, and business by focusing on stimulating growth across various key sectors, including tourism, hospitality, aviation, retail, and others.
Dubai Creek Tower is considered one of the most important projects through which Dubai demonstrates its position among the world’s record-breaking achievements and reinforces its position among the leading cities where modern lifestyles blend with an authentic Oriental and Arab character.
Dubai Stars
The newly unveiled Dubai Stars project was scheduled to compete with the Hollywood Walk of Fame when it was launched in Downtown Dubai in October 2019.
In its first phase, 400 stars would be unveiled, all selected by the public, followed by a ceremony later that year.
Upon completion, the Dubai Stars Walk would feature 10,000 celebrities, four times the original number on the Hollywood Walk of Fame.
Abu Dhabi Development Projects
Al Baraka International Investment Company revealed progress on the development of the joint tourism waterfront project, The Canal, confirming that construction works were proceeding according to the established plans in preparation for the project’s opening by the fourth quarter of 2020.
The Canal project aims to develop seven key areas extending along 2.4 kilometres of Khor Al Maqta, the natural and historic waterway separating Abu Dhabi Island from the mainland of the Emirate of Abu Dhabi near Sheikh Zayed Grand Mosque.
The Canal offers tourism facilities including luxury restaurants near the water, a yacht marina, several cinemas, the largest aquarium in the Middle East, a distinctive sports centre, a virtual reality gaming hall, a dedicated children’s entertainment area, an outdoor skate park, and community spaces.
Moataz Meshaal, General Manager of Al Baraka International Investment Company, said: “In line with Abu Dhabi Vision 2030, this pioneering destination will play a pivotal role in supporting the Government of Abu Dhabi in achieving its vision of establishing and strengthening the emirate’s position as one of the world’s most preferred destinations for business, leisure, and modern lifestyles.”
He emphasised the importance of the project in demonstrating successful cooperation between the public sector, represented by Abu Dhabi Municipality, and the private sector, represented by Al Baraka International Investment Company.
Stuart Gissing, General Manager of The Canal Project, said: “The concept of distinctive destinations and the ideal location of the project provide excellent potential for attracting major regional and international brands, including food and beverage, leisure, and entertainment brands seeking a presence at Abu Dhabi’s new tourism and waterfront destination.”
Real estate companies in Abu Dhabi and Dubai were scheduled to hand over a number of real estate projects during 2019, as the new year witnessed the completion of several major projects. This was expected to increase the attractiveness of foreign investment and strengthen confidence in the local economy.
With the major transformation taking place across the UAE, particularly in Abu Dhabi as one of the world’s leading tourism and business destinations, real estate projects range from investment developments and hotel facilities to entertainment facilities.
At the same time, Dubai’s real estate sector and supporting industries were preparing to host Expo 2020, the region’s most prominent event during the coming period.
The UAE Riviera
The UAE Riviera was announced by developer Imkan the previous year.
The first phase is located in Abu Dhabi’s Ghantoot Nature Reserve, close to the Dubai border, and will include 293 small “farm-style” villas, scheduled for completion by 2021.
The concept is intended to create a coastal retreat similar to The Hamptons in New York.
Jubail Island in Abu Dhabi
Currently underdeveloped, but a major AED 5 billion project will involve the construction of six villages and homes accommodating up to 6,000 people.
The first parts of the development were scheduled to be delivered by the first quarter of 2021, with the development expected to be fully completed by 2021.
The Guggenheim Abu Dhabi
Saadiyat Island is home to the magnificent Louvre Museum, and there are plans for many additional projects in the Cultural District.
Saif Ghobash, Undersecretary of the Department of Culture and Tourism in Abu Dhabi, recently confirmed that major projects such as the Guggenheim Museum and the Zayed National Museum were still under development.
Barakah Nuclear Energy Plant in Al Dhafra – Abu Dhabi
Construction of the $25 billion plant began in 2011.
The plant was nearing completion, with plans to operate four nuclear reactors by 2021, producing a combined 5,600 megawatts of power.
Al Ain Development Projects
Al Dar also revealed that the expansion and renovation works at Al Jimi Mall in Al Ain had reached the final stages and were expected to open soon.
The expansion would provide a total leasable area of 45,000 square metres. Work was underway to obtain final approvals for the first open retail commercial area, including 88 new stores and the first VOX Cinemas complex with eight screens.
On a related note, Al Dar was completing the handover of units to buyers in the West Yas project during the year. The project provides approximately 1,017 residential villas consisting of four or five bedrooms, with areas ranging from 600 to 800 square metres.
Al Dar began handing over a number of villas to buyers during 2018.
Meanwhile, Bloom Real Estate continued to hand over the Park View and Soho Square projects on Saadiyat Island to buyers during 2019.
Park View provides 217 hotel apartments and 234 residential apartments. The project was expected to be handed over in March, having been fully completed, while the company was considering various options for managing the hotel apartments directly or contracting a hotel brand to manage them.
Soho Square on Saadiyat Island provides 302 luxury residential units.
Al Zawiya Real Estate Development and Investment Company was also proceeding with the handover of a number of villa projects within the Zawiya Oasis project, which was being developed in the Al Faqa area of Al Ain during the year.
Zawiya Oasis provides more than 6,000 plots of land, including 2,600 plots in the first phase and 3,100 plots in the second phase. Of these, 750 plots were allocated for villa construction, in addition to 400 plots in the third phase.
The company launched the villas in three phases, all of which were sold out. The first phase included 220 villas under the Areej project, followed by 350 villas in Nasaem, in addition to 200 villas under the Oasis Living project.
Sharjah Development Projects
His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, in the presence of Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq) and Chairperson of Eagle Hills Sharjah Development, launched three development projects in Sharjah with a total cost of AED 2.7 billion through a strategic partnership between Shurooq and Eagle Hills.
The announcement was made at a special ceremony held at Expo Centre Sharjah.
Shurooq and Eagle Hills also announced the establishment of a new company named Eagle Hills Sharjah Development, which would develop the three projects announced starting from the first quarter of the year, with the projects scheduled to be delivered between 2019 and 2020.
The projects are Maryam Island, Kalba Waterfront, and Al Khan Palace, three of the most prominent integrated development projects aimed at enhancing residential, tourism, leisure, hospitality, retail, and community lifestyle facilities in Sharjah and the city of Kalba in the Eastern Region.
During her speech at the launch ceremony, Sheikha Bodour bint Sultan Al Qasimi said that the Emirate of Sharjah had made significant progress under the leadership of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Ruler of Sharjah, by establishing the foundations of a diversified economy and encouraging investment and entrepreneurship.
Shurooq has supported Sharjah’s development journey through its active contribution to strengthening the emirate’s position as a leading destination for investment, tourism, and trade.
She added: “At Shurooq, in cooperation with all government entities, we are working to provide Sharjah with all the elements required for success. We seek to support companies and businesspeople, develop infrastructure, and strengthen integration between the public and private sectors.”
She noted that the launch of three distinctive projects in the Emirate of Sharjah would provide new opportunities for residents to enjoy a higher level of prosperity, based on the belief in the remarkable potential available to the emirate.
Sheikha Bodour bint Sultan Al Qasimi expressed her strong confidence in the new partnership between Shurooq and Eagle Hills and in the contribution it would make to the real estate sector in the Emirate of Sharjah, as well as its role in translating part of the vision of the Ruler of Sharjah into reality by attracting investment and diversifying the economy.
Mohammed Alabbar, Chairman of Eagle Hills and Vice Chairman of Eagle Hills Sharjah Development, also said:
“Sharjah is a historic city that represents a symbol of our national values and authentic Arab culture. It welcomes everyone with warmth and hospitality and promises a bright future, thanks to the significant development taking place there, which reflects the vision of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah.”
He added that the launch of these pioneering projects in Sharjah with their partners at Shurooq demonstrates their commitment to participating in the sustainable development process in the Northern Emirates.
These three projects are expected to provide the local community with a distinctive level of living experiences, prosperity, and a new lifestyle, which in turn will attract more visitors to Sharjah, strengthen the economy, and increase investment in the emirate.
“We look forward to a long-term partnership by developing these projects according to the highest standards of design excellence and construction quality.”
The Al Reem Island project was expected to be delivered in the fourth quarter of 2019, the Kalba Waterfront in the fourth quarter of 2019, and the Al Khan Palace Hotel project in the second quarter of 2020.
Alabbar added that Eagle Hills is present both inside and outside the UAE through the implementation of major projects, noting that the strategic partnership with Shurooq to implement these projects comes amid the comprehensive development taking place in Sharjah.
The company wished to participate in this development and explained that the three projects would provide a genuine addition for citizens and residents by offering services that meet the highest international standards.
They would also highlight the emirate’s heritage and tourism features, contributing to attracting more tourists and visitors.
He stressed that all projects to be completed would be designed with a unique modern character consistent with Sharjah’s architectural style.
Kalba Waterfront
Marwan Jassem Al Serkal, CEO of Shurooq, confirmed that the Kalba Waterfront Project covers an area of 16,920 square metres and was expected to be completed in the third quarter of 2019.
The project overlooks a quiet lake surrounded by mangroves and offers an outdoor shopping experience featuring shops on both sides of the road, several indoor and outdoor restaurants, and a children’s play area, in addition to a park surrounding the lake.
Kalba Waterfront was designed as an integrated family-oriented project that meets the needs of visitors and surrounding local communities. The centre includes a supermarket, a family entertainment centre, and a large food court.
He said that the project is located along the Kalba Corniche at the lake within the development area of the Kalba Ecotourism Project.
The area will provide a distinctive range of shopping and hospitality services for residents, visitors, and tourists. It can be easily accessed via the Fujairah–Kalba Road from the north, the Sharjah–Kalba Road from the west, and Al Batinah Highway.
It is 13 km from Fujairah, 10 km from Fujairah, and 4 km from the centre of Kalba City.
Maryam Island
He added that the second project to be implemented is Maryam Island, which will represent a new and distinctive addition to the growing tourism environment in the Emirate of Sharjah and serve as a leading destination for waterfront projects in the emirate.
The project includes residential apartments and various retail outlets, a five-star hotel and a four-star hotel, as well as luxury villas, restaurants, and cafés overlooking the waterfront.
It also includes a market and various recreational facilities such as a spa, fitness club, swimming pool, and children’s play area.
The island is located in the centre of Sharjah and overlooks the waters of the Arabian Gulf. It is a major waterfront development that provides easy access to various locations within the Emirate of Sharjah and neighbouring emirates.
The project extends over an area of 458,723 square metres at a cost of AED 2.4 billion.
Al Khan Palace
The third project is Al Khan Palace Hotel, which represents a luxurious addition to the emirate’s hospitality and tourism sector.
It provides a remarkable combination of nature and modern facilities, while its designs embody harmony between the history of downtown Sharjah and the luxury of living on a modern waterfront.
The project includes 87 hotel units, in addition to executive suites, a spa, fitness club, outdoor swimming pool, conference facilities, and parking facilities.
The hotel is located in central Sharjah and overlooks the waters of the Arabian Gulf. It is being developed in the Al Khan area, which is considered one of the best beachfront locations in the emirate.
The project covers an area of 66,302 square metres and has a cost of AED 120 million. It was expected to be completed in 2020.
The project is located 20 to 30 minutes by car from Dubai International Airport, as well as from Sharjah International Airport, and residents can easily access various locations.
The Emirate of Sharjah is the first choice for many investors and real estate buyers, whether for investment or for living and residence, due to its highly competitive prices, which have made it an attractive destination for many investors compared with real estate prices in neighbouring Dubai.
The Emirate of Sharjah is the third-largest emirate in the UAE in terms of total area, after Abu Dhabi and Dubai, with a population of 1.4 million according to the latest statistics conducted by the Department of Statistics and Community Development in Sharjah in 2015.
The emirate has a diversified economy across numerous sectors, including gas, tourism, education, healthcare, and logistics.
Its strategic location and strong infrastructure have strengthened its investment position both within the UAE and internationally.
The emirate is also characterised by a rich and distinguished history, with cultural and educational landmarks spread throughout its territory, all combining modernity with authentic traditions, including museums, historic buildings, and traditional markets.
My Bayut (MyBiyoot) will present the most prominent new residential projects in Sharjah that are still in the planning or under construction in the Emirate of Sharjah.
Nasma Residences (Al Tay)
One of the most important new residential projects in Sharjah, Nasma Residences was launched in 2017 by Arada Real Estate Development, one of the leading real estate developers in the UAE.
It is located within the Al Tay suburb, which is closely connected to Emirates Road and is close to the Emirate of Dubai.
Nasma Residences offers properties for sale, all characterised by an independent and vibrant community lifestyle. The development includes a number of schools, green spaces, and retail outlets.
Al Zahia (Muwaileh)
Located in Muwaileh, Sharjah, this area is close to Sharjah International Airport and the University City, which includes the University of Sharjah and the American University of Sharjah.
The area is currently undergoing the development of townhouses and villas offered for sale within Al Zahia, making it the first gated residential community in Sharjah.
It combines a contemporary lifestyle with traditional values and includes dedicated areas for prayer, recreation, healthcare, and various commercial facilities designed to meet the needs of residents.
Aljada (Muwaileh)
Aljada, with its modern residential apartments, is a contemporary destination also located in the Muwaileh area of the Emirate of Sharjah.
It includes numerous options for restaurants and cafés, parks and recreational facilities, shops and retail outlets, hospitality and hotels, healthcare centres, and educational institutions.
The Emirate of Sharjah also features numerous urban developments located along its coasts and lakes, surrounded by stunning scenery and panoramic views for residents, such as Al Mamzar, Al Khan, and Khalid Lagoon, located in the centre of the emirate.