New attractions set to drive Dubai's economy

Inayat-ur-Rahman, Business Editor

There has been a spur of new attractions in Dubai, helping the emirate to attract tourists from all over the world and cement its position as a leading tourism hub that will ultimately boost its economy in post COVID era.

After a Covid-struck 2020, Dubai’s tourism sector staged a remarkable recovery as the emirate welcomed around 7.28 million visitors in 2021. The current year is proving to be even better as it has almost touched the total figures of 2021, with around 7.12 million visitors only during the first half, according to Dubai Economy and Tourism data.

Ata Shobeiry, Chief Executive of Zoom Property, believes that the rising number of tourists in Dubai is a good sign for various sectors in Dubai.

“With tourism being a major source of revenue for Dubai, the rising number of people visiting the emirate is surely benefitting it in more than one way. Apart from tourism, the boost in tourism is helping several sectors to grow, such as hospitality, transportation, food and beverage, and real estate,” Shobeiry said.

Expo City Dubai, set at the site of the revolutionary Expo 2020 that concluded earlier this year, has remained a firm favourite of tourists in Dubai, with its many entertainment offerings, including the Garden in the Sky observation tower, Al Wasl Plaza, and many thematic pavilions. The future-centric mini city opened its door for visitors on 1st October, and since then, it has been welcoming a huge number of visitors.

Besides that, the Museum of the Future is another top new attraction in Dubai that’s captivating the interest of tourists. The newest addition to the list, Mohammed Bin Rashid Library, is receiving acclaims from one and all. The Club at Palm West Beach, Terra Solis by Tomorrowland, Pavilion at The Beach, Dubai Hills Mall, and Sky Views Dubai are other new attractions in Dubai, facilitating the growth of the tourism sector.

“December 2021 saw a 32 per cent increase in occupancy rate as compared to December 2020. The month-on-month occupancy rate growth was recorded at nearly 95 per cent,” according to the Zoom Property Insights.

Apart from real estate, hospitality, food and beverage, and transportation are other segments that benefit from the growth in tourism.

“When people, HNWIs in particular, visit for tourism or business purposes, they get to experience its grandeur and sophistication first-hand. This compels many to make it their second home, which ultimately leads them to look for real estate opportunities,” Shobeiry said.

“With the Dubai property market already witnessing a historic boost, it provides them with a win-win situation as they get their hands on a lucrative property deal and a place to enjoy an upscale lifestyle amidst the latest attractions,” he said.

Tallest residential structure:  Binghatti and Jacob & Co introduce their ultra-luxury Dubai skyscraper. The project, ‘Burj Binghatti Jacob & Co Residences’, aspires to achieve the record for the world’s tallest residential structure.

 The event celebrating the reveal of Burj Binghatti Jacob & Co Residences will take place on November 16th, 2022, at the largest multipurpose indoor stadium in the Middle East, Coca-Cola Arena, Dubai.

“Today marks the significant partnership of two like-minded brands, both on an ever-striving pursuit of absolute elegance. Both our brands are born from the sheer desire to achieve what breaks boundaries. What Binghatti has done in real estate, by creating a brand through a distinct design philosophy and architectural identity is very similar to what Jacob & Co has done in the world of jewelry and horology”, says Muhammad Binghatti, CEO & Head of Architecture of Binghatti.

 Burj Binghatti Jacob & Co Residences explores the combined ingenious design languages of Binghatti and Jacob & Co.

Speaking with one voice, they unfold distinct exterior silhouettes that speak to the design ethos of both internationally recognized brands. “We took inspiration from the complex horological movements that beat in Jacob & Co timepieces and we integrated them into the key elements of the tower. The diamond-shaped spires sitting at the peak of the tower are reminiscent of an actual crown, an ornament of unique finesse inspired by the design of Jacob & Co’s finely cut gems. This is the apex of the luxury narrative in this evocative construction, a signature feature that add further grandeur to the city’s skyline.” adds Muhammad Binghatti.

“Inspired from our  high watchmaking collections, these penthouses will consist of three types, each named after our flagship Jacob & Co timepieces Fleurs De Jardin, Astronomia and Billionaire. The interior design of the penthouse collection will be directly inspired by their unique aesthetics. As suggested by the name, the Billionaire Penthouse is the hyper tower’s jewel in the crown.” says Jacob Arabo, Chairman and Creative Director of Jacob & Co.

 Burj Binghatti Jacob & Co Residences coins a new term in upper-crust real estate: hypertower. Opening a new era in uber-luxury living, this unparalleled skyscraper aims to set a record as one of the tallest residential constructions in the world. In a great leap upwards, it stands opulently in the heart of Dubai’s most eminent financial district, Business Bay.