Dubai’s successful bid to host the Expo 2020 will lead to exponential growth across a wide array of business sectors, with the UAE real estate sector being the major benefactor, said an industry expert.

The Expo bid win would accelerate development of iconic projects and lead to new project launches across the UAE and beyond, explained Masood Al Awar, CEO of Tasweek Real Estate Development and Marketing, an advisor and solutions provider serving the real estate markets.

The company also congratulated the government of Dubai and the UAE for its far-sighted vision on winning the coveted Expo 2020 in Dubai, which will not only provide a much-needed succor to the real estate sector but also usher in a major boost to various business sectors – from hospitality, tourism, trade, shipping to logistics.

“First of all, we would like to congratulate the leadership of the UAE and Dubai for a well-deserved bid to host the prestigious Expo 2020 in Dubai,” said Al Awar.

“This winning bid marks a new era of Dubai’s economic development and reflects the Emirate’s leading international position. Hosting the Expo 2020 is a clear testament to Dubai’s economic excellence and solid competitive fundamentals, which comprise modern infrastructure and advanced legislative systems attracting regional and international investments.

“While Dubai has all the credentials to host the iconic event, we are confident that the same will have a cascading effect on the hugely positive sentiment generated across the entire spectrum of business in the UAE and Dubai, especially in the real estate sector.

“We have once again emphasized our knowledge and understanding of the market by announcing real estate deals worth Dh1 billion across Dubai and Abu Dhabi. As one of the leading companies in the sector, we have the expertise to support more investments and contribute to the positive growth trend.”

“The boom in various business sectors – from trade to hospitality to tourism – is having an effect on the capital inflow and investments within the UAE and we have in place some amazing plans for the projects that we are talking about,” Al Awar added.

“We also plan to play a pivotal role in promoting the UAE across the Mena region with our investments beyond UAE. Our strategy is aimed at driving interest and strengthening UAE’s competitive edge as a favorable investment destination.”

Tasweek had recently announced plans to enter into massive real estate deals across the UAE worth a whopping Dh1 billion ($272 million) with the investor community.

Tasweek’s deals include four iconic deals which encompass three hotel projects worth Dh850 million besides a retail development deal worth Dh200 million. The optimism would also cascade into the trade and hospitality sector with surging tourism arrivals to coincide with the unveiling of new airports at Dubai World Central and Abu Dhabi, announced Tasweek in its report.

The company expects current growth in the real estate market in Dubai and Abu Dhabi, Abu Dhabi’s up-tempo market and Dubai’s return as a preferred global real estate hub provide sufficient boosts to maintain momentum through next year. – TradeArabia News Service