(In light of the UAE’s Economic Growth)
We, Quarter Accounting and Accounts firm, are honored to provide our clients with our semi-annual report that shows our customers what is new in the UAE market and the market movement in the region.
As many investors in the UAE or abroad are wondering about the economic future of the UAE in the coming period or what is expected in the UAE in the second half of 2019 and 2020.
Investors’ optimism in the region is also dampened by the slowdown in economic growth in the region due to lower oil prices. However, growth prospects
in the Middle East are in line with GTR’s global forecast – with 2020 being a turning point in the economy. The UAE attributed this to Dubai’s success in convincing the world to host Expo 2020 Dubai.
This exhibition will be an economic turning point in the history of the UAE, and not only Dubai. It is expected to improve everything in the UAE, and in that report we will not review the expectations of economists on the economic growth of the UAE in 2019 and 2020 as it was already reviewed but what we want to review now is what is in the future of investment and economy in the UAE.
To find out what is in the future of the UAE, we should look for development projects in the UAE in the coming period. In order for any investor to have that information, he must contract with financial advisors who have sufficient experience to provide the right information about the market and provide all support to the investor to make the right decision regarding investment.
Therefore, we are as Quarter Accounting and Mutabaa Audit and Accounts company have that experience to provide market information and provide market studies or investment plans for our customers and also to provide our customers with all the facilities to make a good investment in the UAE and solve all the problems that any investor may face.
We can provide the investor with all his requirements including the selection of the appropriate investment, preparing the feasibility study and a special section to document the incorporation contracts of the company, appointing employees and performing their residence procedures. Prepare a system of accounts for the company, open a tax file and provide administrative and financial audit of the company and provide the client with financial and investment consultancy constantly.
Therefore, anyone who wants to invest in the UAE should is advised to come to us and we will guide him to the right way to invest in the UAE in the coming period where the UAE has several development strategies in many areas for all sectors (health, education, tourism & real estate):
Health Strategy 2020:
The UAE 2020 Health Strategy aims at developing health services and establish Dubai as a major treatment station in the UAE and the region throughout the next five years. The strategy is based on four core themes, which are set to ensure a safe and healthy environment for Dubai residents and to provide high quality health services for the patients.
Education Strategy for 2020:
To provide the best level of education for future generations, the Ministry of Education has developed the Education Strategy 2010-2020, which has made the student a focus and focused on the quality of educational performance in public and private schools.
The strategy includes 50 initiatives implemented through a 10-year long-term plan, including restructuring secondary education, upgrading the curriculum to meet the requirements of higher education in the UAE and abroad and the labor market, developing a system of selecting educational institutions, and balancing the components of knowledge and material, in science, mathematics and the English language.
2020’s Tourism Strategy:
The UAE Tourism Vision 2020 embodies a strategic roadmap with the main objective of attracting 20 million visitors by 2020, focusing on making Abu Dhabi and Dubai the ‘first choice’ for leisure and business travelers.
The strategy outlines the needs that must be met with in the city in order to effectively increase the number of visitors, and includes expanding the range of the activities held in Dubai, tourist attractions, infrastructure, services and various packages in the emirate. The focus will be on three main objectives:
- Maintain market share in the existing exporting markets.
- Increase market share in the markets that are expected to involve a significant potential boom.
- Increase number of frequent visits.
Dubai Development Projects:
Expo 2020
Dubai will host the World Expo from October 2020 to April 2021, with more than 192 countries and millions of visitors from around the world gathering in one place .The event is expected to attract 25 million visits to be one of the largest exhibitions in the world.
- The 438-hectare Expo will be located near three international airports and connected to a dedicated transport network for the global event. Visitors to the Expo will have the opportunity to enjoy a distinctive architectural style, mix with diverse cultures, reflect on creative performances, as well as taste different types of food from around the world. Most of all, visitors will be able to see the latest technology and creativity combined in one place.
Over the course of six months, Expo Dubai will host hundreds of countries, businesses and individuals to explore the future and exchange views on issues related to opportunities, mobility and sustainability. Millions of visitors from around the world will be able to experience one goal: to collaborate for a better future.
- 70% of visitors are expected to come from outside the UAE, making Expo 2020 the largest international visitor exhibition.
Dubai has laid the foundation stone for many projects to be launched by the Expo 2020, according to a report by BNC, a project information provider in the Middle East and North Africa, that the estimated value of projects related to Expo is AED 156 billion, of which 64 One billion dirhams will be spent on infrastructure and transportation projects, 48.5 billion in residential and commercial real estate projects, and 40.4 billion dirhams in major hospitality projects such as hotels, tourist destinations and theme parks.
Dubai Water Canal:
Started in 2013 and opened in 2016, the project is a 3.2 km waterway, 80 to 120 meters wide, making its way to the Arabian Gulf from the Creek in Old Dubai through the Business Bay, along which many hotels, restaurants and cafes are located.
Museum of the Future:
Launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, it will feature the latest international inventions and will serve as a focus for the emirate on creativity and one of the most advanced buildings in the world, designed by “Kella Designer” and certified by the American Green Building Council.
Aladdin City:
Located in Al Rigga on the Dubai Creek, it is a three-storey project comprising commercial offices, hotels and towers, all featuring designs similar to the distinctive buildings of the story of the legendary Aladdin.
Sheikh Rashid Bin Saeed Bridge:
This crossing is a bridge of about 1600 meters long, an arch bridge with a width of 64 meters and a height of 205 meters. This crossing was designed with a financial cost of 3 billion UAE dirhams, and was opened in 2015.
Eye of Dubai:
Tourist area is located in the island of Blue Water, with a height of about 210 meters, and was designed in the form of an eye is a very distinctive form, and there is below the area for concerts and some different leisure activities.
Adventure City:
It is a project that includes a collection of interesting and exciting games that indicate the adventure. It also includes a group of snake-like passages and this will be the largest entertainment city in the world.
Nakheel Mall:
Located in Palm Jumeirah, this mall is a shopping and entertainment center with 200 retail stores and 4,000 sales units, as well as recreational facilities such as cinema, medical center and sports center as well as a range of restaurants and cafes and is expected to open by 2016.
Dubai Creek Tower:
HH Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai, has launched the construction of the Dubai Creek Tower, which is expected to be the world’s tallest building when it is finished in 2020.
The tower will surpass all records of high-rise buildings, including the 828-meter-tall Burj Khalifa to be the tallest building in the world.
The new tower is of a high-value economic addition and supports the ‘Dubai 2021 Plan’, which aims at consolidating Dubai’s position as a global city for tourism, leisure and business by focusing on stimulating growth in various key sectors including tourism, hospitality, aviation, retail and more.
Al Khor Tower is one of the most important projects in which Dubai confirms its position in the world record achievements and reinforces its position among the most important cities where the features of modern life are blended with an oriental and authentic Arab character.
Dubai Stars-2019:
The newly unveiled Dubai Stars project is set to compete with the Hollywood Walk of Fame when it is launches in downtown Dubai in October 2019. In its first phase, 400 stars will be unveiled – all identified by the public and are then to attend a concert in Dubai. Later this year. When 10,000 celebrities are completed at the Dubai Stars Outing – they will be four times the original number in Hollywood.
Abu Dhabi Development Projects:
Al Baraka International Investment Company revealed the progress of the tourism joint waterfront expansion project.
It is confirmed that the construction work in the project is going according to plans, to be ready for opening the project by the fourth quarter of 2020.
The canal project aims to develop seven key areas along a 2.4-kilometer stretch of Khor Al Maqtaa, a natural and historic waterway that separates Abu Dhabi and the mainland of Abu Dhabi near Sheikh Zayed Grand Mosque.
The canal project aims to develop seven key areas along a 2.4-kilometer stretch of Khor Al Maqtaa, a natural and historic waterway that separates Abu Dhabi and the mainland of Abu Dhabi near Sheikh Zayed Grand Mosque.
The “canal” project offers tourist facilities including luxury restaurants near the water, a yacht marina, several cinemas, the largest aquarium in the Middle East, a premium sports center, a virtual reality games hall, a children’s entertainment area, an outdoor skate park and community spaces.
“ In line with Abu Dhabi Vision 2030, this pioneering destination will play a pivotal role in supporting the Government of Abu Dhabi to achieve its vision to establish and strengthen the emirate’s position as one of the world’s most preferred destinations for business, leisure and lifestyle, ” said Moataz Meshal, General Manager of Al Baraka International Investment Company.
He assured the importance of the project as it is seen by important companies 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 areas and the ideal location of the project provides excellent performance in attracting major regional and international brands, including food, beverage, leisure and entertainment brands that seek to be present in Abu Dhabi’s new tourism and waterfront.
Real estate companies in Abu Dhabi and Dubai will start handing over a number of real estate projects during 2019, as the new year witnesses the completion of several mega projects, which increases the attractiveness of foreign investment and increases confidence in the local economy.
With the transformation of the country, particularly Abu Dhabi as one of the world’s leading tourist and business-oriented cities, real estate projects vary from investment, hotel facilities and leisure facilities.
. Meanwhile, Dubai’s real estate and supporting sectors are poised to host Expo 2020, the region’s premier event in the coming period.
Emirates coast:
The UAE Riviera was announced by developer Imkan last year. The first phase of Abu Dhabi’s Ghantoot Nature Reserve, close to the Dubai border, will house 293 “farm-like” small villas, scheduled to be completed by 2021. The idea is to be a coastal retreat like The Hamptons in New York.
Jubail Island in Abu Dhabi:
Currently underdeveloped, but a huge AED 5 billion project will see the construction of six villages and homes for housing up to 6,000 people. The first parts of the development will be delivered by the first quarter of 2021 and the development will be fully completed by the end of 2021.
The Guggenheim Abu Dhabi:
Saadiyat Island is the home to the magnificent Louvre Museum, and there are plans for many more projects in the cultural district. Saif Ghobash, Undersecretary of the Ministry of Culture and Tourism in Abu Dhabi, recently confirmed that major projects such as the Guggenheim Museum and Zayed National Museum are still under implementation.
Al Baraka Nuclear Power Plant in Al Dhafra – Abu Dhabi:
Construction of the $ 25 billion plant began in 2011. The plant is nearly complete, it aims at operating four nuclear reactors by 2021 with a combined production of 5,600 megawatts of power.
AlAin City developing projects:
Al Dar also revealed that the expansion works and renovation at the “Jimmy Mall” in Al Ain city have reached the final stages to be opened soon, and this expansion will provide a total rental area of 45 thousand square meters, and is currently working to obtain final approvals for the first commercial space open for sale Retail, the list includes 88 new stores and the first Fox Cinemas with 8 screens.
On a related issue, al-Dar is completing the delivery of units to buyers of the West Yas project, which provides approximately 1,017 4- or 5-room residential villas, with an area of between 600 and 800 square meters, where Al Dar has begun delivering a number of villas to buyers during 2018.
On the other hand, Bloom Real Estate continues to deliver the Park View and Soho Square projects on The Island of Saadiyat for buyers during 2019.
Park View provides 217 hotel apartments and 234 apartments, where the project is expected to be delivered in March, where the project has been completed in full, while the company is currently considering various options for managing hotel apartments directly, or contracting a hotel brand to manage it. Saadiyatprovides302 luxury housing units.
Al Zawiya Real Estate Development and Investment Company is also in the process of delivering a number of villa projects as part of the Zawiya Oasis project, which is under development in al-Faqah area of Al Ain this year.
Al Zawiya Oasis provides more than 6,000 plots of land, 2,600 plots in the first phase, and 3,100 plots in the second phase, 750 of which have been allocated for the construction of villas, in addition to 400 plots in the third phase.
The company introduced the villas through 3 stages, which were sold in full, where 220 villas were launched with the project “Rural”, then 350 villas in “Nisaim”, in addition to 200 villas project “Oasis Living”.
Sharjah Development Projects:
His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, in the presence of Sheikha Bodour Bint Sultan Al Qasimi, Chairman of Sharjah Investment and Development Authority (Shurooq) and Chairman of Eagle Hills Sharjah Development, has launched three development projects in Sharjah at a total cost of AED 2.7 billion. Through a strategic partnership between Shurooq and Eagle Hills.
At a special ceremony held at the Expo Center Sharjah. Shurooq and Eagle Hills have unveiled a new company, Eagle Hills Sharjah Development, to develop the three projects announced in the first quarter of this year, with projects to be delivered between 2019 and 2020.
The projects are Maryam Island, Kalba Facade and Al Khan Palace, three of the most prestigious integrated development projects that will enhance the standards of residential, tourism, leisure, hospitality, retail and community lifestyles in Sharjah and the city of Kalba in the Eastern Province.
Speaking at the launching ceremony, Sheikha Bodour bint Sultan Al Qasimi said the emirate of Sharjah has made qualitative leaps under the leadership of His Highness Sheikh Dr. Sultan bin Mohammed Al Qasimi, ruler of Sharjah, by consolidating the foundations of a diversified economy, encouraging investment and entrepreneurship. Through its active contribution to enhancing the emirate’s position as a leading destination for investment, tourism and trade.
She added: “Shurooq, in cooperation with all government agencies, is working to provide Sharjah with all the ingredients for success. We seek to provide support to companies and businessmen, develop infrastructure and promote integration between the public and private sectors, noting that the launch of three quality projects in the Emirate of Sharjah will provide new horizons of welfare for its residents. This is based on our belief in the amazing possibilities they have.
Sheikha Bodour Bint Sultan Al Qasimi expressed her confidence in the new partnership between Shurooq and Eagle Hills, and what it will achieve by adding quality to the real estate sector in the Emirate of Sharjah and what it will translate as part of His Highness the Ruler’s vision to attract investment and diversify the economy in reality.
Mohammed Alabbar, Chairman of Eagle Hills and Vice Chairman of Eagle Hills Sharjah Development, said: “Sharjah is a long-standing city that symbolizes our national values and our authentic Arab culture, meeting everyone with a warm welcome.
It promises a bright future, thanks to a major development movement that reflects the vision of His Highness Sheikh Sultan bin Mohammed al-Qasimi, a member of the Supreme Council, ruler of Sharjah.
“The unveiling of these pioneering projects in Sharjah with our partners at Shorouq demonstrates our commitment to participating in the sustainable development process in the northern regions,” he said.
These three projects will provide the local community with a distinct level of living, well-being and a new lifestyle, which in turn will attract more visitors to Sharjah, boost the economy and increase investment in the emirate.
We look forward to a long-term partnership by developing these projects to the highest standards of design excellence and building quality. The Al Reem Island project is expected to be delivered in the fourth quarter of 2019, the Kalba Interface 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 inside and outside the UAE through the implementation of giant projects, pointing out that the strategic partnership with Shorouq in the implementation of projects comes in the light of the overall development witnessed by Sharjah, and the company would like to be a participant in this renaissance, and explained that the three projects will be a real addition to citizens and residents by providing services to the highest international standards. It also highlights the emirate’s heritage and tourism features, attracting more tourists and visitors. He stressed that all the projects to be completed will be designed with a unique modern theme that is in line with Sharjah’s architectural style.
Kalba waterfornt:
Marwan Jassem Al Serkal, CEO of Shurooq, confirmed that the Kalba Waterfront Project has an area of 16,920 square meters . It is expected to be completed in the third quarter of 2019.
Overlooking a quiet lake surrounded by mangroves. It offers an outdoor shopping experience in the form of roadside shops, several indoor and outdoor restaurants and a children’s play area, as well as a park surrounding the lake. The center has a supermarket, a family entertainment center, and a large dining lounge.
This area will provide a distinctive range of shopping and hospitality services for residents, visitors and tourists, and is easily accessible via the Fujairah-Kalba road from the north, Sharjah-Kalba road from the west, Al Batinah highway, 13 km from Fujairah and 4km from the center of Kalba city.
Maryam Island
The second project to be implemented is Maryam Island, which will be a new addition to the island’s growing tourism environment in the Emirate of Sharjah, and is the first destination for waterfront projects in the Emirate. It includes apartments and various shops, a 5-star hotel and a 4-star hotel, as well as luxury villas, restaurants and seafront cafes.
As well as the market and various recreational facilities such as spa, fitness club, swimming pool and children’s play area.
Al Khan Palace:
The third project, Al Khan Palace Hotel, is a luxury addition to the hospitality and tourism facilities in the emirate, and provides a wonderful combination of nature and modern facilities. The designs reflect the harmony between the history of downtown Sharjah and the luxury of living on the modern waterfront. The project includes 87 hotel units, To the executive suites, with a spa and fitness club, outdoor swimming pool, conference facilities and car parking’s.
Located in the center of Sharjah and overlooking the waters of the Arabian Gulf, the hotel is being developed in the Al Khan area, which is considered the best beach location in the emirate, pointing to the project area of 66,302 square meters at a cost of 120 million dirhams. It is expected to be completed in 2020.
He pointed out that the project is 20 to 30 minutes’ drive from Dubai International Airport in addition to Sharjah International Airport, and residents can easily access to various places.
The Emirate of Sharjah is the first choice for many investors and real estate buyers whether to invest, live and live in it, as it enjoys very competitive prices that made it the focus of attention and attract many of them, compared to real estate prices in neighboring Dubai.
The Emirate of Sharjah is the third largest emirate in the UAE in terms of total area, after the Emirate of Abu Dhabi and Dubai, and a population of 1.4 people, the latest statistics conducted by the Department of Statistics and Community Development in Sharjah in 2015.
The emirate has a diversified economy in many sectors such as gas, tourism, education, healthcare and logistics. Its strategic location and strong infrastructure have enhanced its investment position both in the UAE and abroad. It is characterized by a rich and rich history, cultural and educational edifices spread throughout the country, all combining modernity and authentic traditions, from museums, old buildings and traditional markets.
My Homes ( MyBiyoot ) will be listed the most prominent new Sharjah residential projects that are still on the plan and under construction in the Emirate of Sharjah.
Nessma Residences ( Al Tay):
One of Sharjah’s most important new residential projects, launched in 2017 by developer Arada Real Estate Development, one of the most important real estate developers in the UAE, is located within the suburb of Al Tay, which is closely linked to Emirates Street and close to the Emirate of Dubai.
Nessma Residences has properties for sale, all with an independent and fast community style, with a number of schools, green gardens and shops.
Alzahya (Moyleh):
Located in Muyleh, Sharjah, this area is close to Sharjah International Airport and the university city that includes the University of Sharjah and the American University of Sharjah.
The area is currently undergoing the development of townhouses and villas for sale in Al-Zahia complex, because it will be sharjah’s first residential complex. It features a combination of contemporary lifestyle and traditional values. It includes areas dedicated for prayer, recreation, health care and various commercial facilities that meet all the needs of residents and inhabitants.
Avenue (Muwaileh):
Aljada, with its modern residential apartments, is a modern destination also located in the Muwaileh area of the Emirate of Sharjah. It has many options for restaurants and cafes, parks and recreational facilities, shops and outlets, hospitality and hotels, healthcare centers and educational institutions.
The Emirate of Sharjah also enjoys a lot of urban development’s located on its coasts and lakes, amid stunning views and panoramic views of the Qantin, such as the Mamzar and Al Khan and Lake Khalid located in the center of the Emirate.
Sahara Towers 6:
One of the most famous towers coming to Sharjah, being strategically located close to both the emirates of Sharjah and Dubai, it consists of two adjacent towers of 32 and 14 floors. It offers all the leisure services of swimming pools, gymnasium, garden dedicated to canals and private parking.
It is clear from the above discussed issues that the volume of investment projects currently being implemented in the UAE is great denoting the future of the UAE in the coming period, where investors must direct their investment in the coming period to the UAE, where there is real economic growth and this is evident from the size of investment projects in the UAE.
Therefore, we at Quarter Accounting and Mutabaa Audit and Accounts firm support investors with successful investment plans where we have an information network to support investors and provide our clients with linking or exchanging benefits between the companies that we have where we have a database of companies and investors in the UAE.
Therefore, we provide our clients with information about the market on an ongoing basis due to our continuous monitoring of the market where investors must at the moment track development projects in the country.
For example – (investment in restaurants) must track projects for tourism and entertainment (Investment in the field of contracting) must track projects under construction where those projects require many contractors to work them sub-country, here comes our turn to connect contracting companies to those projects
through our database (Investment in the field of real estate) must track residential projects as the best period sought to invest in real estate is that period because the fall in real estate prices in that period makes it a good period to buy, when those projects are completed and the beginning of Expo will increase real estate prices again.
Real estate companies should create new ways for investors to provide liquidity to invest in real estate in the absence of cash flow.
For example: Entry of a group of investors into one project (investment fund) to provide liquidity distribution of investment risk to several investors, which encourages investors to invest. The current period is a good one to start entering the market with a new investment but there must be a good study of the market and that is what we have in Quarter Accounting and Audit and Accounts company.