Dubai’s real estate market remains a safe-haven for Saudi Arabian investors as major developments continue to support its economy, said Okbah Abdulkarim, chief operating officer of ARTAR Real Estate Development.
Dubai has managed to build “protection” from negative economic impact by creating an infrastructure for business, investment, and living, Abdulkarim told Argaam.
Saudis still see Dubai as a desirable city to visit because of its proximity, along with shared religious and cultural values. It also allows easier investment opportunities for Saudi buyers, he said.
According to Dubai Land Department data, in the period from January 2016 to the end of June 2017, the biggest GCC investors in Dubai real estate other than UAE citizens were Saudis, who made a total of 5,366 transactions worth AED 12.5 billion (SAR 12.77 billion).
ARTAR, which is the real estate development arm of Saudi Arabia’s Abdul Rahman Saad Al-Rashid & Sons Co., is showcasing its Mada Residences project at Cityscape Global 2017.
“The project, located in Downtown Dubai, is 80 percent ready and is due for completion by second quarter 2018,” Abdulkarim said, adding that the development has attracted many Saudi investors.
ARTAR is also planning a residential building in Dubai’s City Walk area, and has land bank in the emirate for future projects, Abdulkarim said.
“Future projects will be mixed-use (developments),” he added.
In Saudi Arabia, ARTAR is currently working on a shopping mall project in Jeddah. The project is 95 percent complete and is scheduled to open soon.
The developer also has hotels, hospital, residential towers and villa compounds in the Kingdom.
Going forward, ARTAR aims to concentrate on the healthcare sector, with plans of opening smaller clinics in cities across Saudi Arabia, Abdulkarim said
Abdulkarim expects Saudi Arabia’s real estate market to stabilize over next “one to two years.”
“With big projects that are being announced or are going to be announced … and especially after the recent privatization drive in Saudi, I think the market is moving in line with the Vision 2030,” he said.
Other than Saudi Arabia, ARTAR has also completed a mixed-use project in France and is scouting for investment opportunities across different countries, Abdulkarim said.
Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com
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