REAL ESTATE IN DUBAI

Maha Vaseghi
Ewa Kozowska
Piotr Bartenbach
Bartomiej Staszczyk
Misagh Vaseghi

DUBAI
The Dubai real estate includes:
apartments
offices
commercial space
villas

POPULATION GROWTH

Figure 1.1
Source: Dubai Statistics Center

POPULATION GROWTH
Figure 1.1 shows how the population in Dubai has been growing
from the year 2005 until the end of year 2009. At the end of year
2005 the population was around 1.130.000. It increased to
approximately 1.5 million by the end of 2007 and reached a level
of about 1.8 million by the end of year 2009 (Dubai Statistics
Center). In other words, the trend indicates a constant growth in
the number of people inhabiting the emirate. One of the two main
factors

for

the

increasing

population

is

Dubais

economic

expansion which has caused a need for labour and expertise in the
field of oil industry that could be satisfied only from abroad thanks
to foreign workforce. As for the second one, Dubai has been
experiencing a higher birth rate as well as a decline in infant
mortality rates and higher average life duration resulting from
modern health facilities and technology that are now available

DYNAMICS OF PRODUCTION

Figure 1.2
Source: Dubai Statistics Center

DYNAMICS OF PRODUCTION
As shown in figure 1.2 the number of buildings constructed in
Dubai in the period 2005-2009 was growing up to 2008 achieving
its peak in this year. The reason for such an increase is the
growing population of Dubai and growing needs as for residential
as well as commercial property. In 2009 the number of buildings
built in Dubai decreased as a result of a worldwide crisis.

DYNAMICS OF PRODUCTION
TOTAL NUMBER OF REAL ESTATE INVESTEMNTS IN DUBAI
12000

10000

2728
2501
2159

8000
2222

6000

2252

8669

4000

7343
5342

7794

6128

2000

0
2005

2006

2007

Under construction

2008
Completed

2009
Figure 1.3
Source: Dubai Statistics Center

DYNAMICS OF PRODUCTION
Figure 1.3 presents the number of
buildings constructed and those
under construction in Dubai from
2005 up to 2009. It clearly shows the
scale of real estate investments in
Dubai.

DYNAMICS OF PRODUCTION

Figure 1.4
Source: Dubai Statistics Center

Figure 1.4 shows the share of three types of

buildings constructed in Dubai in 2009. The
majority of buildings built in 2009 were those of a
residential type followed by recreational, industrial
ones or of a service kind.

DYNAMICS OF PRODUCTION
Forecasts for 2011
an addition of a 25.000 new units will
boost Dubai's total residential stock to
around 335,000
apartments will constitute of 79 per
cent of total residential stock by the
end of 2011.

Source: UAE Interact

INVESTMENTS
Value of
investments
presented as the
value of completed
buildings is growing
continuously.
It is expected to
grow further as the
market is still
growing.
Dubai is still one of
the most attractive
place to invest and
this situation is
unlikely to change
in the next 10
years

Value of Completed Buildings

(in 1000 Millions DHS)
1 Dirham = 0,27 US Dollars
30

24.89

25
20

14.72

15
10

7.87

17.26

10.81

5
0

2005

2006

2007

2008

2009
Figure 1.5

Source: Dubai Statistics Center

 The boom in Real Estate market and construction

in Dubai -> the sanction from the purchase of
property for the foreigners was lifted in the
beginning of 21st century.
The real estate market has witnessed a swift
growth in the property market which kept
increasing as the time passed.
After a decline in 2009, the Real Estate market in
Dubai is expected to growth continuously.

INVESTMENTS
Investments in Dubai are
currently focused in the
housing area.
The division of
investments is
characteristic for places
with growing population.
New residential
complexes are built in
order to meet the
expectations of the
continuous flow of
immigrants and
investors

Figure 1.6

Source: Dubai Statistics Center

DYNAMICS OF
EMPLOYMENT

Figure 1.7

DYNAMICS OF
EMPLOYMENT
2005-2006 The statistics book called Dubai in Figures reveals the
continuation of massive construction activities in the emirate.
Major increase in construction employees up to 40% of total
employment. Lowest unemployment in the world.
2006-2007 Gradual increase in unemployment rate.
Slight
increase in construction employees, major increase in real estate
sector.
2007-2008 Highest unemployment rate, however gradual
decline in real estate sector prices. Steady construction and real
estate employment rate.
2008-2009 Major decline in real estate and construction sector
due to recession, more than 100,000 construction and real estate
workers became unemployed. Small protests took place by
construction workers. Many clients sued for compensation

DYNAMICS OF
EMPLOYMENT

Figure 1.8

DYNAMICS OF SALES

Figure 1.9

DYNAMICS OF SALES
Peek (May 07 Sep 08)
External factors (a rising Euro, low interest rates and a rapid increased in new
residents) were supporting factors of growth. In May of 2003 the Euro saw an all time
high of 1.193 against the dollar; however, in July 2007 the value is $1.3715. With the
dollar at all time lows compared to the Euro, Europeans found Dubais real estate an
ever growing bargain especially when compared to other parts of Western Europe.
Along with rise of European prices and falls of dollar values Dubai had a third factor,
immigration. With the massive number of new residents the city and country will
need housing.

Decline (Sep 08 May 09)

With negative population growth, expected delivery of 35,000 units in 2009,
declining occupancy rates, lack of mortgage funding, high job insecurity, and
cancellation of visa guarantees for home buyers, it was tough for the market to show
resilience at least in the first half of 2009.

REGIONAL DEVELOPMENTS

Figure 1.10

KEY REGIONAL
DEVELOPMENTS
In 2005, more than 100 high rise towers facing
the famous Jumeira Beach and across the Sheikh
Zayed Road at the Jumeira Lake Towers
2005-2006 - Palm Jumeira and Jumeira Islands
completed
2006-2008 - Meadows, springs, greens
development up to present day
2010 - Burj Dubai

MAIN AREAS

Figure 1.11

DUBAI AREA STRUCTURE

PLAN
Dubai will have nearly 90 per cent of its urban
area developed by the year 2015.The urban
development plan for Dubai envisages an
enhanced role for the emirate as a financial,
commercial and tourist centre, Qassim Sultan,
Director General of Dubai Municipality said on
Sunday (UAE Interact).
The Dubai Urban Area Strategic Plan 1993-2012
has been designed to guide the economic along
with physical development of the city.

DUBAI AREA STRUCTURE

PLAN

Figure 1.12

ACTORS AND SCOPE OF THEIR ACTIVITIES

Residential
This is the type that is best associated with real estate.
Brokers, agents and realtors work together with home
buyers and sellers in the sale and purchase of new and
resold private homes. This is where the bulk of real
estate transactions occurs. There are sub-specialists
who work with only buyers, sellers, seniors, first-time
home buyers, relocations and the like.
The example of such company:

http://www.bhomes.com/

ACTORS AND SCOPE OF THEIR ACTIVITIES

Commercial
This type of real estate company works
withbusinessesto identify, purchase or sell property
and land that is used for commercial purposes. This
can include offices, retail, restaurant and light
industrial properties. Commercial real estate deals
are a lot more involved and take much longer than
residential deals. Many brokers and agents are not
only involved in identifying a property, but also in
assisting with zoning, development, permitting,
financing and feasibility studies.
The example of such company:

www.halconrealestate.com

ACTORS AND SCOPE OF THEIR ACTIVITIES

Industrial
This is a distinct subset of commercial property that
requires a set of knowledge, skills and relationships that
is more specialized than with regular commercial
properties. The typical client has to not only find the
right geographical location, but also needs to find a
locale that offers the right labor pool, tax structure,
regulatory environment and governmental relationship.
The brokers and agents who work with this kind of
client have to be able to smooth the way for the client
and gain the approval of the buyer, seller, local
government, state government and community leaders.
The example of such company:
www.damacproperties.com

ACTORS AND SCOPE OF THEIR

ACTIVITIES
Investor

This type of real estate brokerage specializes in

working with single investors and investment
groups. They help their clients find incomeproducing properties like rental homes, apartment
buildings and retail centers like strip malls. They
must know the area around the property, the past
and future return on investment, and how the
property compares to others in the area. They
also sell these properties and utilize networking
and personal and business relationships to
generate quick sales for clients.
The example of such company:
www.brixpropertypartners.com

ACTORS AND SCOPE OF THEIR

ACTIVITIES
Property Management

Some brokers focus on managing rental properties for

their client/owners. These clients range from individual
owners of a single rental home who do not want to be
involved in the day-to-day issues of being a landlord to
groups that own several homes or an apartment
building and who cannot manage on their own without
help. These brokers must be experts in landlord/tenant
law and are responsible for vetting renters,
maintaining the property or properties, securing
tenants, and handling all payments and paperwork for
the rental or rentals.

The example of such company:

www.asteco.com

ACTORS AND SCOPE OF THEIR

ACTIVITIES
Land
These brokers specialize in locating raw land for
development by either home builders or
commercial clients. They must be experts in the
zoning process, and should have a strong
network of relationships with other brokers
whose clients are in need of raw land. They are
also knowledgeable about local governmental
regulations and should have good relationships
with municipal authorities.
The example of such company:

www.harbordubai.com

VALUE CHAIN
The value chain, a fundamental conceptual building
block of strategic management, offers a means to
consider how value is added at each significant
point of the process by which business enterprises
create goods and services. The value chain concept
can be a powerful means of comprehending the
measure of the value contribution of each process
and resource employed as inputs to create output.
Source: http://business.fullerton.edu

FLOW OF CAPITAL IN THE REAL

ESTATE MARKET

Figure 2.1
Source: http://www.cggc.duke.edu

RELATIONSHIPS BETWEEN
ACTORS IN THE REAL
ESTATE MARKET

Figure 2.2

Source: http://www.cggc.duke.edu

SUPPORT INFRASTRUCTURE

CONSTRUCTION AND BUILDING MATERIALS COMPANIES

There
are
plenty
construction and building
materials companies and
supplier in the UAE that
are operating in Dubai as
well as in other emirates.
Among all of them there
are
those
that
are
recommended by the
Dubai
Commercial
Directory
Dubai
Chamber.

SUPPORT INFRASTRUCTURE
CONSTRUCTION AND BUILDING MATERIALS COMPANIES

Bright Star Construction Materials L.L.C

Al Dhabi Scaffolding & Formwork L.L.C
Emirates Specialities Co. L.L.C
Total Solutions Building Materials Trading
L.L.C
Easa Saleh Al. Guru Group

Source: Dubai Commercial Directory, Dubai chamber

SUPPORT INFRASTRUCTURE
WATER AND ELECTRICITY

Dubai Electricity and Water

Authority (DEWA) currently holds a
monopoly to produce and sell water
and electricity in the emirate.

SUPPORT INFRASTRUCTURE

Figure 2.3
Source: Dubai Electricity and Water Authority

SUPPORT INFRASTRUCTURE

Figure 2.4
Source: Dubai Electricity and Water Authority

SUPPORT INFRASTRUCTURE
As presented in figure 2.3 the amount of
electricity that was produced from 2005 up to
2009 was constantly increasing. It is directly
related to the growing population of Dubai and
economic changes that have been going on there
for the last 40 years.
Following discovery of petroleum in 1966, the
development of the oil industry revolutionised the
economy of Dubai. Generated revenues enabled
the
government
to
undertake
some
infrastructure, industrial as well as real estate
projects (Pacione 2005: 256). For the two reasons
stated above, electricity consumption was rising
as showed in figure 2.4. In other words, they
created an increased demand for electricity.

SUPPORT INFRASTRUCTURE

Figure 2.5
Source: Dubai Electricity and Water Authority

SUPPORT INFRASTRUCTURE

Figure 2.6
Source: Dubai Electricity and Water Authority

SUPPORT INFRASTRUCTURE
Along with the growing electricity production and
consumption, the production and consumption of
water was growing as well between 2005 and
2009. Again, this trend is strictly connected to the
urban and economic development of Dubai. As a
result of these changes, the rapid growth of
Dubais population and industry needs for technical
infrastructure of such type could be observed.

SUPPORT INFRASTRUCTURE
DUBAI CARGO VILLAGE
Year of Establishment -1991.
Location - Adjacent to Dubai International Airport
Total Area - 300,000 square meters.
Total Handling Capacity- about 800,000 tonnes/year
Handling: Imports, Exports and Transit Cargo
Open: 24 hours, 7 days a Week, 365 days a year
Aircraft parkings: 17

DUBAI INTERNATIONAL AIRPORT

Hosting: about 112 airlines
Provides flights to over 140 destinations
Direct flights to 20 European cities and over 60 to the
Middle
East, Asia, and Africa.

Source: Dubai Cargo Getaway

Figure 2.7
Source: Dubai Cargo Getaway

SUPPORT INFRASTRUCTURE
The rise in volume of freight handled by Dubai
Cargo gateway over the past years demonstrates
the substantial growth in freight in the emirate
(Figure 2.7). The reasons for such an increase are
plenty, such as growing world trade, increasing
demand for transport of perishable and timesensitive commodities and the urban, industrial and
economic growth in Dubai.

SUPPORT INFRASTRUCTURE
TELECOMMUNICATION PROVIDERS

The UAE has a well-developed and technologically

advanced telecommunication infrastructure as well
as telephone and Internet connection since the
UAE Government is aware of the fact that
connectivity is a major component of public
infrastructure nowadays.
Telecommunications across all platforms in the UAE
are fast with fixed-line telephony, mobile and
internet connectivity amongst the best in the
world.
The UAE Yearbook 2009 suggests that the UAE has
the highest mobile phone and fixed-line connection
Source: UAE Yearbook 2009
in the Arab world.

SUPPORT INFRASTRUCTURE
TELECOMMUNICATION PROVIDERS

ETISALAT
DU
VOIP
THURAYA
DUBAI TELECOM
AXIOM TELECOM
among others

SUPPORT INFRASTRUCTURE

Figure 2.8

Source: Dubai Statistics Centre

SUPPORT INFRASTRUCTURE

Figure 2.9

Source: Dubai Statistics Centre

SUPPORT INFRASTRUCTURE
As presented in figure 2.8 the number of people
having fixed-line connectivity was growing up to
2008. In 2009 a decrease could be observed due
to the rising number of people getting mobile
phone connection. According to the UAE Yearbook
2009, the number of mobile phone subscribers has
grown by an annual average of 25,6 per cent
between 2002 and 2007 which seems to support
the view.
As far as the Internet usage is concerned, the
number of people having the internet connection
was increasing between 2005 and 2009 and
internet penetration is projected to continue its
growth (UAE Yearbook 2009).

SUPPORT INFRASTRUCTURE
EMPLOYEES BY ECONOMIC SECTOR 2005-2007

Figure 2.10 illustrates the

growing employment in
construction and building
in the UAE due to an
increasing importance of
the construction sector.

Figure 2.10

Consequently, there was

a rise in the number of
people employed in real
estate
and
related
services (Figure 2.11).

Figure 2.11

Source: UAE Yearbook 2009

SUPPORT INFRASTRUCTURE
EMPLOYEES BY ECONOMIC SECTOR 2005-2007

As presented in the
graphs employment in
real estate related
sectors in the UAE was
on the rise from 2005
up to 2007.

Figure 2.1

The
number
of
people
employed in manufacturing
industries as well as the
water, gas and electricity
sector in the UAE was
constantly growing between
2005 and 2007 (Figure 2.12
and Figure 2.13)
Figure 2.12

Source: UAE Yearbook 2009

DOMINANT TYPE/S OF VALUE CHAIN

GOVERNANCE IN 2004 TO 2008

Due to increasing demand

and the vast knowledge
regarding
raw
material
suppliers,
lead
firms
(Developers)
such
as
Nakheel/Emaar were the main
parameter
setters
interconnected
with
the
market.
External agencies such as
brokers or regulators (leading
firms
were
mostly
governmental)
Due to high demand (market
boom) purchasers had the
least
power
to
set
parameters, nevertheless it

4-Purchaser Market

3-Following
Firms.

1-Lead firm
Interconnected
With supplier

2-External agencies
(brokers/governors)

Figure 2.14

DOMINANT TYPE/S OF VALUE

CHAIN GOVERNANCE IN 2009
AND
TO DATE
Due UP
to global crisis
Rest of
The firms.

Leading Firms
(Developers)
External Agencies : Regulators
Purchaser Market

and indebtedness of
developers,
decrease in demand
the
purchaser/consumer
market became the
most dominant
Failure to deliver
many sold projects,
developers were
bound to comply
with many more
regulations and were
subject to apply to
other external

Figure 2.15

REASONS FOR THE

EMERGENCE OF THE
IDENTIFIED DOMINANT TYPE
OF VALUE CHAIN
2002 marked the beginning of Dubais real estate
boom, due to the lifting on the ban of sale of real
estate to non-nationals.
This caused an abnormally large demand due to
region of the country and the opportunities it
provided.
A governmental developer, Emaar, started to
build the
meadows, which were completely sold out, 700
villas in a matter of hours.

Source: real.estatesdubai.com

REASONS FOR THE

EMERGENCE OF THE
IDENTIFIED DOMINANT TYPE
OF VALUE CHAIN
Private developers, local and international
started rolling out projects, such as
Nakheel.
The presence of a large number of
developers led to the uprise in real estate
brokers.
The real estate brokerage industry in turn
added velocity to the real estate cycle,
and it is repeated.

DYNAMICS OF VALUE CHAIN IN

2004 TO 2008
2004-2008 was mostly
dominated by the lead
firms which were mostly
governmental.
Due to excessive
demand and low
regulation lead firms
governance was
followed by suppliers in
second position.
Whereas, Nakheel and
Emaar the two leading
firms almost doubled the
price of each square
meter within the

1600
1400
1200
1000
800
600

Nakheel
Emaar

400
200
0

Source: The National

2008 UP TO CURRENT DATE

3000

After the global crisis, most

of the developer inherited a
great debt, rendering them
unable
to
complete
construction
in
many
presold projects, therefore
trust was lost in the market
and governments tightened
the regulations of the
property market.
The following graph shows
the demand and price drops
within the following period,
promoting purchasers as
main governors of the
market.

2500
2000
1500
1000

Flats sold
monthly
SM prices
Regulations
added

500
0
Source: The National

CONCENTRATION PROCESSES
MERGERS
Dubai Multi-Commodities Centre (DMCC) Nakheel
Nakheel, the state-owned developer of Dubai's palmtree shaped man-made islands and one of the
emirate's largest property developers, has been
merged with Dubai Multi Commodities Centre
(DMCC)a Government of Dubai free zone Authority
dedicated to enhancing commodity trade flows
through Dubai.
DMCCs property-related operations have been
integrated with Nakheel to adjust to current market
conditions as well as optimize the use of resources
and provide extensive expertise.
Source: Benham 2009
Giuffrida and Khan 2009

CONCENTRATION PROCESSES
MERGERS
Sama Dubai - Dubai Properties - Tatweer Dubai
Three Dubai Holding property units, that is Sama
Dubai, Dubai Properties and Tatweer Dubai merged
into a property group in August 2010 after a near
50% drop in property prices in the Dubai emirate.
Dubai Holdings is a 100 percent state-controlled
entity. It includes the Jumeirah Hospitality Group
that owns the Burj Al Arab and Jumeirah Emirates
Towers hotels in Dubai. In addition it also manages
luxury properties such as the Carlton Tower and
Lowndes hotels in London

Source: Bianchi 2010

CONCENTRATION PROCESSES
TAKEOVER
Nakheel Limitless
Real estate developer Nakheel (a unit of Dubai
World) that has realised a number of worldrenowned projects like Palm Jumeirah, the World
and many others, has been given the
responsibilities of Dubai's Limitless, a global
integrated property development company. The
major aim was to achieve the best results for
both of the developers but also project investors
and the construction industry in general.

Source: Basit 2010

Van Smeerdijk 2010

COOPERATION AGREEMENTS
In the market of our choice (Real Estate Market in Dubai) we can
notice several types of strategic alliances. Basically, all of them help
organizations to gain advantage over the competitors, develop faster
and be better, more widely promoted. The Dubai development
companies are targeting i.e. to get into cooperation with European
Real Estate classified advertisement sites and Real Estate Agencies
to promote their offers and attract not only private customers but
especially

business

potential

buyers.

Nowadays

developing

companies are putting their impact on creation of partnerships with

businesses that will cover the needs in the area that they are
currently developing. There is a trend to create parks/districts
that are theme-oriented (i.e. business type) and self-supporting in
every way possible.

COOPERATION AGREEMENTS
ACI Real Estate Dubai alliance with Global Properties (Indian
real estate developer)

This partnership was set up to possess new clients and

investors on the Indian market by presenting ACIs full
offer across Indian cities.
Sanjay Chimnani, joint managing director, ACI Real
Estate, said, The agreement with Global Properties
marks our first alliance in India to serve the rapidly
growing investor market here. In selecting our local
franchisee, we found one in Global Properties who
shares in our mission of doing business with
transparency, purpose and integrity. We believe the ACI

http://www.gowealthy.com/realestate

COOPERATION AGREEMENTS
MGM Mirage alliance with CityCentre

Dubai World and MGM Mirage have signed agreements

to form a long-term strategic partnership which will see
Dubai World investing US$5bn in MGM Mirage, US$2.7bn
in CityCentre, a landmark development in Las Vegas, and
up to US$2.4bn in purchases of MGM common stock.
The two companies entered into a 50/50 joint venture in
the CityCentre development and Dubai World acquired a
significant minority equity position in MGM Mirage.

http://www.gowealthy.com/realestate

DELOCALIZATION OF THE
PROPERTY DEVELOPERS
SeveralUAEdevelopers
and
builders
have
expanded
intoEgypt, Saudi Arabia, Libya, Tunisia and Bahrain in recent
years. Diversification was considered a crucial ingredient for
companies looking to avoid overexposure to the struggles of
theDubai property market
Mainly due to the crisis theyve undertaken a diversification
strategy
Nevertheless some of the big boys such as Damac and Nakheel
implemented the globalization strategy some times earlier
"Clearly you have to invest money based on risk appetite and
this increases the risk"

DELOCALIZATION OF THE
PROPERTY DEVELOPERS
Due to Egypts being a popular tourism destination
and moderate landscape prices, it was one of the very
first targets of delocalization's destinations
Shortly after the boom period in Dubai Kingdom of
Saudi Arabia had loosen the property regulations on
the market enabling GCC countries to construct and
sale within easier terms, thus becoming a motive for
Emaar to start similar project in there.

VALUE OF SALES IN THE REAL ESTATE

OF DUBAI

44231000000
41270000000
33944000000

19239000000
10120000000
7290000000
6863000000
6514000000
6290000000

2001

2002

2003

2004

Before lifting sanction

from the purchase of
property for the
foreigners

2005

2006

Global
Crisis
2007

2008

2009

After lifting sanction from the

purchase of property for the
foreigners
Source: Dubai Statistics Center
http://Asteco.com

GLOBALISATION EFFECTS
ON
THE REAL ESTATE MARKET
IN DUBAI
Removal
of barriers

o Huge sales increase since Real Estate properties became available for foreign
customers

Development of infrastructure
o The reason why Real Estate market grow so fast is directly connected with
development of infrastructure
Simple taxation process and low taxes
o Government of Dubai did everything to simplify the tax procedure and thanks to
their incomes from oil industry they can offer i.e. no taxes on:
rental income
capital gains
property transfers
Adjustment to international standards
o Dubai is known for its exceptional real estate projects they are made with the
highest quality to meet very rigorous requirements in order to meet expectations
of their clients
Source: www.dubai.ae/en.portal

THREATS
rocketing costs of building materials (increase in
cement and steel prices; cement prices in the
GCC averaged about $73.3/tonne in peak of 2009)
lack of availability of contractors to deliver
projects on time
scarcer mortgages
buyers limiting their spending
global crises (economic slowdown)
change in trend (for now Dubai is very popular
and considered as a place for very rich people)
introduction of taxation

OPPORTUNITIES
the flourishing online real estate sector (there are a few
real estate portals that specialise in the UAEs property
market, such as Ikaar.com or Amlaki.net that enable
people to look throughout the properties in the UAE,
including Dubai)
the growing population of Dubai
low prices in comparison to other exclusive markets
merges, joint ventures in the market
high attractiveness of location
100% ownership in free zone
no corporate tax
no trade embargo
no restriction on capital repatriation
no income tax
incentives

CRITICAL FACTORS

location
perceived value
price
modern technology and communication
vigorous economic growth
political and economic stability
construction labour
materials and equipment
investment safety
high after-tax return on investment

FINAL REMARKS
Economic growth, access to oil, population growth and the incentive
of the government to promote growth should lead to an increase of
the construction activities in Dubai and thereby an expansion of it.
Although, as presented in previous slides the construction sector in
Dubai may have already benefited and is still gaining from different
factors, it is crucial to indicate that it does not mean that the city of
Dubai and the whole emirate and their real estate market exempted
of all problems.
Slow adjustments of laws and regulations towards the rapid growth
of the real estate sector and the fact that private companies are not
supported in the same manner as the public companies.
The objective of Dubai is to provide to infrastructure and buildings
that will attract tourism, trade, industry, service industries and
other investments. It was estimated that more than 33 per cent of
Dubais budget expenditure was devoted for infrastructure projects
(UAE Yearbook 2009).

SOURCES
http://www.dsc.gov.ae
http://www.uaeinteract.com
http://www.homesdubai.com
http://www.uaeinteract.com/docs/90_per_cent_of_Dubai_will_b
e_urban_by_2015/2960.htm
Pacione, M. 2005. City profile: Dubai. Cities 22/3, 255-265.

SOURCES
http://business.fullerton.edu
http://www.cggc.duke.edu
http://www.dewa.gov.ae/default.aspx
http://www.dubaiairport.com/DCV/En/Home/
http://www.dsc.gov.ae/en/pages/home.aspx
http://yearbook.uaeinteract.com/Yearbooks/2009/EN
G/
http://www.dccicommercialdirectory.com/index.php?
classcode=514300
http://real.estatesdubai.com/labels/Villa
%20Projects.html

SOURCES
Basit, A. 2010. Nakheel takes over Limitless. Retrieved March 28, 2011, from
http://www.zawya.com/story.cfm/sidZAWYA20100704040409/?relcontent=ZAWYA20100706062018
Benham, J. 2009. Nakheel merges with DMCC property arm. Retrieved March 28, 2011, from
http://www.arabianbusiness.com/nakheel-merges-with-dmcc-property-arm-17802.html
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