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Boom in Indian Investments in Dubai Real Estate

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Boom in Indian Investments in Dubai Real Estate

Recent figures indicate that Indian investors accounted for 20% of all real estate transactions in Dubai in the first quarter of 2023, investing nearly two billion dollars (7.3 billion dirhams) during the period.

Dubai’s real estate sector has seen a boom in investments from India, as of July 1, the start of a 4x doubling of taxes on foreign remittances from India is fast approaching.

Industry experts expect strong investment flows from India into Dubai’s real estate sector to continue ahead of the introduction of the 20 percent tax from July 1. On February 1, India announced an increase in tax on foreign transfers from 5% to 20%, excluding transfers related to educational and medical purposes, in the context of budget talks 2023-2024.

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Dubai has always been a favorite destination for Indians. According to data from the Dubai Land Department, Indian investors accounted for 20% of all real estate transactions in Dubai in the first quarter of 2023, up from 15% in the same period last year.

The total value of Indian investments in Dubai real estate in the first quarter of this year was estimated at 7.3 billion dirhams (about two billion dollars), Hedge & Sachs founder Shivansh Rashid said. This time, he said, the increase in Indian investments in real estate in Dubai was driven by various investors for various reasons.

He explained: Businessmen are attracted by Dubai’s business-friendly environment and its strategic location as a gateway to the Middle East and Africa. The wealthy are attracted by Dubai’s luxurious lifestyle and strong real estate market, while professionals are attracted by Dubai’s job opportunities and high salaries. He expected Indian investments to increase further.

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Senior officials from other real estate-related companies also confirmed the increase in investments from India following the announcement to raise tax on foreign remittances to 20%, and the trend is expected to continue till July 1. Adel Akhtar, founder and CEO of Dubai-based real estate investment firm Foremen Fiefdom, said: “We expect the current surge in Indian investments in Dubai real estate to continue for the next few months, and even throughout the year. Well.”

Akhtar said, “Dubai – and some foreign destinations – are becoming increasingly popular destinations for Indian investors as these destinations offer lower tax rates, a more business-friendly environment and a more luxurious lifestyle than India.

Shazai Jacob, Dubai-based managing director and country head of Anasid, the group business services arm of real estate consultancy Anarok, said no information on remittances has yet been disclosed by Indian authorities. Increase in remittances and investments before first July.

He pointed out that the increase in transfer tax should not be taken as a negative or a strong deterrent for potential investors. Therefore, after July 1, we do not expect a significant reduction in tax rates or remittances from individuals investing in real estate. Shazai Jacob, managing director and regional director of Apnacomplex, a joint venture of apartment management company, security solutions company and Anaroq, said: “Indian investors are increasingly interested in buying apartments and villas in Dubai. He explained that the villas are very popular with rich people looking for a luxurious lifestyle. Apartments typically cost between 1 million and 5 million dirhams, while villas purchased by Indian investors range from 5 million to 20 million.

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Indian Rich

On the other hand, “Sisad Daily” website confirmed that the UAE’s measures to get golden residency visas contributed to the arrival of wealthy Indians to Dubai and their investments in the emirate’s real estate market.

During the period from 2015 to 2021, Indian investors contributed about AED 83.62 billion to Dubai’s real estate market, the site pointed out in a report. By 2027, expectations indicate that the number of wealthy Indian investors will increase by 107%, and this increase is expected to continue as the real estate market is expected to reach 300 billion dirhams in sales transactions by the end of 2023. Apart from Indians, UK, Italy and Russia are the best countries to buy property in Dubai, he emphasized.

Unique founder and CEO Arash Jalili said the UAE has seen tremendous economic growth over the past decade and it is expected to continue with Dubai. The year is 2023.

The site highlighted the golden visa program for the wealthy, which allows them to obtain residency in the country if they invest in their area of ​​residence and meet a number of requirements, prompting the UAE to introduce integrated digital. A platform for acquiring residency through investment.

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Emirates News Agency – Economy Minister: We are working on a strategy to transform the food and agriculture sector into a global force

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Emirates News Agency – Economy Minister: We are working on a strategy to transform the food and agriculture sector into a global force

DUBAI, September 22 / WAM / The Minister of Economy, His Highness Abdullah bin Duq Al Marri, confirmed the country’s commitment to develop the food and agriculture sector to generate $10 billion in GDP and 20,000 jobs. The next five years.

He laid out seven key pillars of strategic direction to achieve this.
Key strategies include localizing innovation, strengthening agriculture and food supply chains, and providing farmers with the support and resources they need to achieve global leadership in agricultural innovation and sustainability in the food sector.
Addressing the fifth edition of the Future of Food Industries Forum 2023, he lauded the initiatives of the food and beverage industry in the areas of knowledge, skill development and digital infrastructure. How food is produced, distributed and consumed regionally and globally.
He lauded the potential of the Emirates Food Platform, launched at the forum, to enable collaboration between the public and private sectors in the field of food safety and to enhance the food and beverage ecosystem through digital infrastructure to drive sector growth and attract investments and business opportunities.
According to a statement from the organizers of the forum, the two-day (September 20-21) events in Dubai highlight the growing role and future of the food industry in the economy of the UAE. This industry, and current efforts to advance economic growth and industrial development in the UAE, emphasized that this is a promising and important matter for the future, as the UAE is today considered one of the most important centers for global food logistics services. , and it is the most accessible port for shipping containers between source and destination facilitating the food supply and consumption process.
The food sector is considered an important aspect of comprehensive trade, as trade in food products in the UAE is expected to reach 130 billion dirhams in 2022 compared to 105 billion dirhams in 2021, registering a year-on-year growth of 24% and food trade at 5.7%. Trade is non-oil.
His Highness Abdullah Bin Duq Al Marri said: “With a growing population and a priority for food security, the UAE is doing well in this regard as it ranks first in the Global Food Security Index for 2022. Other peers in the Middle East and North Africa region, but this volatile The challenges facing food in the times are real and present, and fortunately, the resilience and adaptability of our food industry helps us meet this challenge, while emphasizing sustainable practices that have maintained food safety in our country for centuries.”
He added: “I stand before you today to share with you our vision to take our beloved country to new heights and ensure food security in the future. Today, we are working on a strategy to transform the food and agriculture sector into a global force, sustainable innovation, self-sufficiency and Based on fundamental pillars that reflect our commitment to food production.
In his address, he pointed out that the first pillar is to localize the next generation of agricultural enterprises, develop local talent, identify and support next-generation solutions, and develop them into global leaders in promoting innovation. Second, making the UAE a global regulatory power ensures that our products maintain high standards and gain international recognition. Third, strengthening the UAE leadership’s commitment to strengthen the entire food value chain by prioritizing local production and reducing dependence on imports. Fourth, ensuring adequate funding for workers in the food and beverage sector.
He said: “Access to finance is key to the growth and development of industries, and our strategy focuses on securing funding and support, and this leads us to our fifth pillar of driving innovation through world-class research and development. It is the cornerstone of progress. We will provide global research and development packages. “The state of promoting change.
Also, the sixth pillar helps diversify the workforce and access new markets by creating pathways for all agricultural workers. Finally; The strategy aims to create the next generation of farmers who will be the future of agriculture and agricultural technology. Al Marri expressed his commitment to equipping farmers with the knowledge, technology and resources they need through training programmes, modernization initiatives and support systems to ensure the agricultural workforce is ready to face the challenges and opportunities ahead.
For his part, Saleh Lootah, Chairman of the UAE Food and Beverage Producers and Manufacturers Group, affiliated with the Dubai Chamber of Commerce, said: “The remarkable success of the 5th Future Food Industry Forum is due to the joint participation of all stakeholders in the food ecosystem, whose active engagement has been enhanced by the gradual shift to digital platforms, It has significantly improved engagement, communication and collaboration.
The forum was organized by the UAE Food and Beverage Business Council under the auspices of the UAE Ministry of Economy and the Dubai Chamber of Commerce, with the support of the Department of Economy and Tourism and the Food Department in Dubai. Technology Valley, Dubai includes the “Free from Food” exhibition.

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Saud bin Saqr: Promoting economic growth is an essential pillar of sustainable development

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Saud bin Saqr: Promoting economic growth is an essential pillar of sustainable development

His Highness Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council of Ras Al Khaimah and Ruler of Ras Al Khaimah, emphasized the importance of stimulating the investment environment in the Emirate of Ras Al Khaimah, one of the main pillars of economic development. The Emirate’s future strategy is to continue its sustainable growth path and cement its position as a leading regional and global destination for tourism investments and real estate, in an effort to ensure a bright future for future generations.

Supporting national enterprises, improving their competitiveness and sustainability and raising their contribution to the emirate’s domestic product is a key priority in Ras Al Khaimah’s plans to build a sustainable economy. , and is an important tributary for diversifying the local economy.

This happened yesterday evening when His Highness attended the launch of the new strategy and brand of Ras Al Khaimah Properties, Ras Al Khaimah’s leading real estate developer listed on the Abu Dhabi Securities Market. Khaimah Mina Al Arab Hotel.

The launch of the new strategy and brand marks the beginning of a new phase for the company to continue its successful investment journey and improve its competitive position in the real estate market in the UAE, reflected by its pioneering community real estate projects. Including the hospitality sector, the Emirate of Ras Al Khaimah’s ambitious vision is to be one of the best. Tourism, investment and modern lifestyle destinations in the region.

Vision His Highness explained that Ras Al Khaimah operates in accordance with an ambitious strategic vision and thoughtful future plans to provide an enabling, incubating and encouraging environment for the growth and sustainability of national and international companies based in the Emirate, with an integrated economic and legislative framework. Establishing a structure and infrastructure to support the success and development of large real estate investment projects. A state-of-the-art project to encourage investment in various promising economic sectors in Ras Al Khaimah, and to support the development plans of the UAE.
On the other hand, yesterday, he was received by the Ambassador of the Republic of Greece, Antonis Alexandrides, at his Highness Palace in Sakr bin Mohammed Nagar.

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The Ruler of Ras Al Khaimah received the Ambassador and discussed with him several topics of common interest and ways to strengthen relations with the Republic of Greece in various fields.

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Saud Bin Saqr saw the launch of a new brand called “Ras Al Khaimah Properties”.

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Saud Bin Saqr saw the launch of a new brand called “Ras Al Khaimah Properties”.

Sheikh Saud bin Saqr Al Qasimi, Member of the Supreme Council and Ruler of Ras Al Khaimah, stressed the importance of stimulating the investment climate in the emirate to support economic development initiatives, one of the key pillars of the emirate’s future strategy. , to continue its steady growth path and cement its position as a leading regional and global destination for investments in tourism and real estate, in an effort to ensure a bright future for future generations.

Supporting national enterprises, improving their competitiveness and sustainability and raising their contribution to the Emirate’s GDP is an important priority in Ras Al Khaimah’s plans to build a sustainable economy, as it is an essential partner in the process of economic development. , and is an important tributary for diversifying the local economy.

This happened while attending the launch of the new strategy and brand of Ras Al Khaimah Properties, the Emirate’s leading real estate developer, listed on the Abu Dhabi Stock Exchange, at an event held at the InterContinental Ras Al Khaimah last Thursday evening. Khaimah Mina Al Arab Hotel.

The launch of the new strategy and brand marks the beginning of a new phase for the company to continue its successful investment journey and improve its competitive position in the UAE real estate market. The sector is in line with Ras Al Khaimah’s ambitious vision to be one of the best tourism and investment destinations and lifestyles, modern living in the region.

Ras Al Khaimah operates according to an ambitious strategic vision and thoughtful future plans to provide an incubating and encouraging environment for the growth and sustainability of national and international companies based in the emirate, said the Ruler of Ras Al Khaimah. An integrated economic and legislative body that supports the success and development of major real estate investment projects. Establishing an advanced infrastructure that will encourage investment in various promising economic sectors in Ras Al Khaimah to support the development plans of the UAE.

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He praised the role of Ras Al Khaimah Real Estate Company and its effective contribution in promoting the development of the real estate and investment sector in the emirate. Development in Ras Al Khaimah and the Emirates.

He pointed out that by supporting national enterprises, Ras Al Khaimah aims to improve their flexibility and ability to face various economic challenges, improve the quality of life of all the people of the emirate and its residents, and create a better one. A future for future generations. (wham)

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