Over the past few years, Dubai has slowly become to be a very viable place for investing in real estate, especially for Muslims living abroad. Simply by looking at their high rise structures and skyscrapers and the very high boom of real estate that offers luxurious amenities, this is not very hard to believe. It is very common today to see unparalleled standards of living in Dubai that are hard to come by in other parts of the world.
Duabi, one of the seven emirates of the United Arab Emirates is talked about in many contexts. Some people look for jobs in Dubai, while others discuss attending business conferences in that bustling city. However, in the past couple of years, more people, especially from the Middle Eastern and Muslim backgrounds have discussed about that city in the context of buying real estate and moving to settle there.
Dubai is expanding at a very fast pace. Numerous high rises are scheduled to open doors to new tenants during the next 1-4 years. Considering the blueprints and pictures of the high rises and the expanding Dubai economy, thousands of families are investing in those apartments, with a vast majority of those families as Muslims and from the west.
When people think about buying real estate in a city, they consider many factors. Dubai has become a major attraction for a large number of people and for many reasons. A few facts about Dubai are as follows that may cause you to reconsider your options as well:
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Dubai has one of the fastest growing economies in the world.
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Although many think of Dubai thriving on oil money, as of 2005 numbers, 94% of Dubai’s GDP came from non-oil sources.
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Dubai is one of the largest gold trading hubs in the world.
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With various types of visa / immigration and other restrictions in various Middle Eastern Countries, Dubai through its open trading policies has become a de facto hub for doing business in the Gulf and the Middle East.
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Dubai’s population is set to rise from 1.5 million in 2006/2007 to 4 million in the next 5 – 7 years – mostly because of foreign influx. An estimated of 80% of people living in Dubai are expatriates.
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Dubai not only allows foreign investment but encourages it to the extent of allowing investors to apply for residency permits. This fact alone has driven numerous investors flocking to the region. Dubai living offers prospects property ownership and / or property leasing for 99 years. As a result of this, residents can apply for a residency permit that is renewable every three years.
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Considering that a lot of Muslims (even the ones settled in US and Europe) would like to be closer to their countries of origin as well as closer to the holy cities of Makkah and Mandinah, this has provided an excellent option for their long term settlement plans.
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Considering a small city, Dubai operates more than 150 TV channels. This fact alone helps portray the diversity of the region and the level of trade and business volume (considering that a lot of TV channels depend on advertisements as their source of revenue.)
Jobs in Dubai in particular are one of the eagerly sought-after jobs in the Middle East. Dubai jobs for example include numerous moneymaking opportunities. Such jobs are easy to find and easy to get. Jobs in sales and marketing, Banking, Hotels, IT, software, Oil & Gas industries etc. are available and have been in high demand for many years.
Dubai is a major economic hub of the Middle East. Dubai Media City for example is designed to boost media businesses and industry in the region. The leading global players include Associated Press, Bertelsmann, CNN, CNBC, International Advertising Association (IAA), McGraw-Hill Platts, Sony, and Reuters along with regionally reputed companies like Middle East Broadcasting Corporation (MBC), Saudi Research and Publishing (SRPC) and Taj TV. Besides, a large number of entrepreneurs are setting up advertising, printing and publishing industries in Dubai. All these global players are setting up their offices across Riyadh, Jeddah, Qatar, Bahrain, Muscat, Beirut Damascus, Cairo etc. Thus you can easily get advertising, marketing, and several other media jobs in Dubai.
Dubai Internet City offers great job opportunities in Software Development, Business Services, Web Based & e-Commerce, Consultancy, and Education & Training. Dubai Internet City (DIC) is an information technology park created by the Government of Dubai as a free economic zone where companies can operate without restrictions. Global giants like Microsoft, Oracle, HP, IBM, Compaq, Dell, Nokia, Siemens, Sun Microsystems, Canon, Logica, Sony Ericsson, Cisco, i-mate, e-dinar, Acette etc. are major players in this arena.
Highlights of Dubai Real Estate Development:
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Burj Dubai (under construction) will be the tallest structure in the world. At a height of more than 900 meters (approaching one kilometer), this tower is much taller than the Sears Tower (527 meters), Taipei tower (508 meter) and Malaysia’s Petronas towers (452 meters). The tower will offer 30,000 residences and will house the world’s largest shopping mall called the Dubai Mall. (The final height is still not confirmed). The tower is to have an estimated 216 floors.
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The tip of the Burj Dubai will be visible approximately 100 kilometers away on a clear day.
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Another tower called the Burj Al-Arab is the tallest hotel building in the world. See the picture on this page. The round circle on the top left is the tennis court. The building’s lightning scheme changes every 30 minutes. Burjdubai.com provides more facts and figures on this magnificent structure.
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The Palm Islands (consisting of The Palm Jumeirah and The Palm Jebel Ali) are the world's largest man-made collection of islands. People can own their own private islands that cost in the millions. (See picture on this page and next). Some media quarters have termed these as the eighth wonder of the world. These islands are made in the shape of a palm tree with hundreds of residences, hotels and resorts.
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Under construction is the Business Bay, which will be a collection of hundreds of high rise sky scrapers.
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A recent project will result in a complex called “Asia-Asia”, which will be the largest hotel in the world.