UAE economic growth on solid track: Juwai IQI

Inayat-ur-Rahman, Business Editor

The UAE will continue to attract more investment from global players and sophisticated investors amid economic growth stability and strong interest in the asset class, real estate with good rate of return.

This was stated Kashif Ansari, CEO and Co-founder of Juwai IQI, during an exclusive interview with Gulf Today.

“According to the global financial news, real estate investment will stay higher as many sovereign wealth funds, endowments funds and pension funds are buying real estate for stable returns in these unsteady times in the financial markets. We are back in the era of 1970 where real estate would be the prime asset class to take position in.” Ansari added.

He shared his perspective that most of the global players are moving their investments in UAE for country’s stability and strong growth outlook in 2024. Juwai IQI expects UAE to growth to meander around 3.5 to 4.5% in 2024 based on the premise that growth stability remains buoyant and overall investors sentiments are strong. World class infrastructure, productive labor force and growth patterns are bolstering the macroeconomic outlook for the country. Moreover, higher oil prices, tourism and real estate industry would buttress the overall growth trajectory for UAE.

“Dubai real estate market will continue to boom for the next 2-3 years investors interest remain strong and more room for capital appreciation upside. Chinese buying is strong along with investors from Europe, Sub continent, UK, Russia, USA and South American are entering into the real estate market in a big way. We expect real estate sector will achieve a growth rate between 15% and 20% in 2024 with positive outlook. Analysing the data, Kashif said: deals have grown in volumes with rise of 41 per cent on per annum basis. Dubai residential market rose by 20% in Q3 with the average price increasing considerably, as per CBRE. In November alone, Dubai apartment prices increased by 18.3 per cent annually to Dh1,374 per square foot, while villa prices grew 22.2 per cent to Dh1,679 per square foot, latest market report from CBRE.

Kashif was of the view that overall sentiments from investors are strong for the UAE economy. With higher oil prices coming back in the market, investments in real estate, logistics and ecommerce are going to solidify the growth outlook for the country.

UAE is poised to take the leading role in GCC along with Saudi Arabia and Qatar in 2024. You have to be in UAE to leverage from the rising growth trajectory of the country.