The Lion's share: Saudi Arabia captures 53% of Dubai's real estate investments
Saudi investors have captured 53 percent of Dubai real estate investments in the first half of the current year at SR3.44 billion (AED3.37 billion), local media said quoting data released by Dubai Land Department (DLD).
According to the DLD half-year report on property transactions in Dubai, investments of the GCC (Gulf Cooperation Council) citizens (with the exception of the UAE citizens) in the city touched nearly AED6.5 billion (SR6.53 billion) during the first half of the current year.
Citizens of the UAE captured the highest portion of property investments in Dubai valued at more than AED12.5 billion (SR12.76 billion), the DLD report said.
Based on the above figures, total investments of the UAE and other GCC citizens in Dubai property market reached nearly AED19 billion in the first half of the current year, the report said.
Lagging behind the Saudis, Qatari citizens captured 23 percent of the GCC property investments in Dubai, followed by the Kuwaitis (13 percent), the Omanis (7 percent) and the Bahrainis (4 percent), according to the report.
- Oman’s Duqm tourist complex moves forward with government approval
- Kuwait fights budget deficit: Reexamining government salaries, expatriate labor
- Tunisian Confederation of Industry, Trade, and Handicrafts fights nationwide unemployment levels
- Construction costs fall in Dubai
- Western tourists flock to Iran, could generate $30B in new revenue
- Homemakers to homebuyers: women are big spenders in Dubai property market
- Dubai: Real estate transactions hit Dh5.64 billion during May 2006
- Saudi Arabia: Investments in 53 real estate share businesses
- GCC citizens invest $1.98 billion in Dubai real estate
- 53 hectares of reclaimable land in Saudi Arabia