Member Article

Dubai economy booming in anticipation of Expo 2020

The United Arab Emirates is made up of seven individual states: Dubai, Abu Dhabi, Sharjah, Ajman, Umm al-Quwain, Ras al-Khaimah and Fujairah. During 1971-1972, the federation of states came together to form the United Arab Emirates, known as the UAE. Dubai is the second biggest of the seven emirates and by far the most cosmopolitan.

The world watches the modernization of Dubai with amazement. The real estate market in Dubai is growing at a place unmatched in other parts of the globe. Many observers find this quite remarkable. After a drop of nearly 60 percent in real estate prices in 2008, Dubai staggered under a hit by the global financial crisis, Dubai faced down default by infusing the economy with funds from a massive loan from its oil-rich neighbor Abu Dhabi.

The emirate is rapidly regaining its firm financial footing. The business acumen of Dubai and the emirate’s desire to accelerate development and growth has resulted in a wealth of new business opportunities. Dubai is a major market for U.S. firms, as well as other countries, dealing in defense, building technologies and services, infrastructure, oil and gas, solar energy, aviation, building materials and healthcare services and products. Today, Dubai has developed into one of the most dynamic businesses environments in the entire world and a hub for international travel.

Dubai boasts the innovative Jebel Ali Complex, which includes more than 200 factories, a deep-water port and a free trade zone. More than 6,000 companies from more than 120 countries have established operation centers at the Jebel Ali Complex. All manufacturing and distribution of goods for trans-shipment or re-export benefit from a 100 percent cent duty-free exemption. The complex also offers a power plant with associated water desalination units, a steel fabrication unit and an aluminum smelter. The Jebel Ali Complex is currently experiencing a rapid expansion with huge tracts of land reserved for different types of industries.

Dubai International Airport (DXB) supports commerce and tourism in Dubai. Although there are many different airports serving the UAE, Dubai is without a doubt the finest and most functional. In the UAE, airports hold great importance. As an income source, 20 percent of the UAE’s income comes from airport-generated fees. Information technology (IT) is one of the biggest sectors that helps drive growth in Dubai as the emirate adopts and develops tools used in creating new employment opportunities, absorbing a labor force from other countries, and updating their public services.

In anticipation of Expo 2020 construction is booming and the once slow tourism trade has increased dramatically. Heavy increases in airport traffic and hotel occupancy of over 85 percent have strongly contributed to Dubai’s tourism industry. Savvy real estate investors are flocking to Dubai. There is an intense demand for quality residential and commercial properties as government incentives including benefits such as free zones and a 0% tax rate draw companies from around the world to establish operations in Dubai.

Mr. Tej Kohli, CEO and founder of Grafix Softech, one of the world leading companies in the advancement of information technology, recognized early on the incredible financial opportunities to be found in the developing emirates and founded Ozone Real Estate of Dubai. Tej Kohli noted, “I started the Ozone Group in 2008 as a company that would help investors make maximum profits from the investment opportunities in Dubai and Abu Dhabi. After five years of rigorous business Ozone Real Estate is capable of offering all real-estate related services, the most popular being investment, sales and marketing management and property development. The company continues to expand with interests in commercial and residential property across the UAE, but refuses to compromise on the need for quality developments that will make life convenient and comfortable for the community. We are currently looking to expand our presence in Dubai, and we have our eyes on other equally prestigious markets around the world.”

Mr Kohli’s philanthropic contributions and public health initiatives are directed through the entirely self-funded Tej Kohli Foundation. As is his practice with his many other business interests, Mr Kohli is always seeking new opportunities where direct, targeted, charitable support will positively change people’s lives.

This was posted in Bdaily's Members' News section by Marlene Affeld .