Dubai has enjoyed arguably the biggest construction boom in recent times. Some sort of renowned fact stated that around 40% of the world’s cranes were positioned in Dubai apartments for sale in dubai – An amazing indicator of the scale of construction!
Obviously, the construction boom won’t last forever, and the (now) huge developers are seeking to expand into new markets abroad. The question is where? And can this be an sign of another booming market?
Emaar, developer of the Burj Dubai and master-developer of a few of the main areas such as for instance Dubai Marina, has been in talks to develop Kingdom City in Jeddah, Saudi Arabia. Kingdom City is likely to be modelled on Emaar’s own Downtown Burj Dubai, and will retain the Kingdom Tower that may end up being the world’s tallest tower at an incredible 1.1 kilometers in height.
Damac Properties (the self-acclaimed largest private developer in the Middle East) have numerous developments abroad including Gashma Bay, and Hyde Park in Egypt, Jeddah Cornich in Jeddah, and several in Doha Qatar. Damac properties also released a well known development in Iraq which sold out within hours with local investors wanting an item of Dubai in their very own country.
Cayan Investment, developers of Infinity Tower in Dubai Marina, have released a development in Jeddah called Lamar, and have also entered the Egyptian market.
Lebanon has been announcing promising developments including a Palm Island of its own. Plus Properties have been active in Lebanon releasing the Plus Towers and Yarzé Gardens.
ETA Star, developers of many infamous developments throughout the UAE including 23 Marina in Dubai Marina, and Liberty House in DIFC, are active in neighbouring Oman along with South East Asia and India.
In summary, Dubai based developers have achieved an amazing experience in a short time-frame and are now expanding abroad looking for new markets particularly within the Middle East, North Africa and South East Asia.