Rapid population growth driving expansion of GCC real estate market
Saudi real estate developer Aqar Holdings says rapid population growth; increased spending power and rising living standards will continue to fuel the expansion of the Gulf Cooperation Council (GCC)’s burgeoning property development sector over the next 10 years.
According to the Arab Monetary Fund (AMF) the total Arab population, estimated at around 288 million at the end of 2001, is projected to rise to 315 million in 2005, state a press release.
Meanwhile, rising per capita incomes in GCC countries, like the United Arab Emirates (UAE) and Qatar, that are among the highest in the world, are creating demand for "creative and distinct" architecture that also "preserves the heritage and real values of society" says Aqar Holdings.
As part of its strategy to create a higher regional profile, Aqar Holdings plans to showcase a number of its premier projects at Cityscape 2003, the Middle East’s only international commercial architecture, property investment and development event, to be held in Dubai in October.
Aqar Holdings will be joined at Cityscape 2003, to be held at the Grand Hyatt Hotel, Dubai from October 18-21, by many of the world's leading architects, property developments and real estate companies. — (menareport.com)
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