Recommencing of Stalled Developments in Dubai likely contributes thousands of jobs and hundreds of Engineers
19/11/2012
It is really proven that Dubai's property market is now recovering from the negative impacts of Economic Crisis. As a matter of fact, a number of positive signs have been shown since 2011 until now, including the returning confidence of investors in the realty industry; increasing the property values; rebounded availability of some financial institutions or mortgage providers which are currently lending once again; etc.
So far, the latest news regarding with such growth has been the re-launching or recommencement of some stalled and newly-launched property projects in Dubai; for they will possibly contribute tens of thousands of new jobs to the Emirate's hiring industry if all of them are fully completed.
Based on the report, in October 2012, the Ruler of Dubai has approved a number of stalled developments in particular to recommence their construction works, such as the expansion of Madinat Jumeirah Resort that will cost of AED2.5 billion; a Pedestrian Bridge across the Dubai Creek; AED390 million worth of barracks for Dubai's Police; and an approximate total cost of AED1.5 billion for the expansion project to connect the Business Bay Canal to Arabian Gulf.
As Head of Research at Jones Lang LaSalle, a Multinational Financial and Professional Services Company that specializes in real estate industry, Craig Plumb has said that such approval of Sheikh Mohammed Bin Rashid Al Maktoum will help to some extent increase the confidence of investors in the Emirate's property market. So, according to him, he further said that as the construction is concerned, the above-mentioned projects will likely generate jobs for thousands of laborers and hundreds of engineers from different countries.
In addition, as Chief Economist at National Bank of Abu Dhabi, Giyas Gokkent also pointed out that new projects were indeed very labor intensive. For this reason, those developments will have the so-called 'spillover' in terms of both small and medium enterprise activities as well as all the supporting activities which are absolutely required to function.
So far, the latest news regarding with such growth has been the re-launching or recommencement of some stalled and newly-launched property projects in Dubai; for they will possibly contribute tens of thousands of new jobs to the Emirate's hiring industry if all of them are fully completed.
Based on the report, in October 2012, the Ruler of Dubai has approved a number of stalled developments in particular to recommence their construction works, such as the expansion of Madinat Jumeirah Resort that will cost of AED2.5 billion; a Pedestrian Bridge across the Dubai Creek; AED390 million worth of barracks for Dubai's Police; and an approximate total cost of AED1.5 billion for the expansion project to connect the Business Bay Canal to Arabian Gulf.
As Head of Research at Jones Lang LaSalle, a Multinational Financial and Professional Services Company that specializes in real estate industry, Craig Plumb has said that such approval of Sheikh Mohammed Bin Rashid Al Maktoum will help to some extent increase the confidence of investors in the Emirate's property market. So, according to him, he further said that as the construction is concerned, the above-mentioned projects will likely generate jobs for thousands of laborers and hundreds of engineers from different countries.
In addition, as Chief Economist at National Bank of Abu Dhabi, Giyas Gokkent also pointed out that new projects were indeed very labor intensive. For this reason, those developments will have the so-called 'spillover' in terms of both small and medium enterprise activities as well as all the supporting activities which are absolutely required to function.
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