January 2013 - eZine

Issue No. 1 - Jan 2013

Dubai Real Estate:

Prepared by: Mo. Asadian

VALORAN MEMBER

www.valoran.ae

Valoran Real Estate Brokers Issue No. 1 - Jan 2013

Summary The report is prepared with the aim to provide investors with a glimpse of what to expect on global and domestic economy at macro level and how it might impact the investment on Dubai’s property sector. As this report will show, Dubai’s economy is giving indications of recovery four years after the meltdown of global financial markets in 2008. Prove is the previous year’s GDP growth and positive signs witnessed in different aspects of the economy.

to see price growth at steady pace. The report also explains various risk events that might threat the fragile recovery of global economy if not resolved properly such as Fiscal cliff gridlock in US & continuous EU sovereign debt crisis. The danger is a possible credit freeze and market panic due to risk aversion of the investors. However, it is worth noting that the global political and economic framework is working continuously to deal with these issues.

Meanwhile, the property prices, in both residential and commercial sector, appreciated considerably year on year due to increasing demand thanks to the capital inflow to Dubai as the safe heaven of the region since the political tensions started within the MENA region past 18 months and Dubai government’s policy to increase the population by easing visa quota restrictions and boost the economy by offering new incentives for foreign direct investment (FDI).

Analyzing potential investments on the Dubai properties in the year ahead, parameters indicate investment in residential would be a wiser choice, and within residential, villas might give a better return on investment when comparing to apartment units given their limited supply and increasing demand. On the other hand, looking at the commercial properties, one should prefer to invest only in the premium locations to preserve the capital and value considering the large stock of offices currently available and their low vacancy rate in most areas.

The forecast of 2013 is for Dubai’s economy to grow at healthy rate of 3.5% and real estate sector

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Valoran Real Estate Brokers Issue No. 1 - Jan 2013

Outlook of Global economy As per the report of United Nations, the growth of the world economy has weakened considerably during 2012 and is expected to remain subdued in the coming two years. The organization forecasted the growth rate for the global economy for the year 2013 to be 2.4 per cent and a rise to 3.2 per cent in the next year, 2014. These forecasts were made after studying the growth of the economy after the global recession of 2008 till the first half of the previous year 2012.

This pace of growth will be far from sufficient to overcome the continued jobs crisis that many countries are still facing. With existing policies and growth trends, it may take at least another five years for Europe and the United States to make up for the job losses caused by the Great Recession of 2008-2009.

Weaknesses in the major developed economies are at the root of the global economic slowdown.

Particularly those in Europe are trapped in a vicious cycle of high unemployment, financial sector fragility, heightened sovereign risks, fiscal austerity and low growth.

Several European economies and the Euro zone as a whole are already in recession, and Euro zone

4

unemployment increased further to a record high of almost 12 per cent this year. Also, the US economy slowed significantly during 2012 and growth is expected to remain meager at 1.7 per cent in 2013. Deflationary conditions continue to prevail in Japan.

The economic woes in Europe, Japan and the United States are spilling over to developing countries through weaker demand for their exports and heightened volatility in capital flows and commodity prices. The larger developing economies also face home-grown problems, however, with some (including China) facing much weakened investment demand because of financing constraints in some sectors of the economy and excess production capacity elsewhere. Most low-income countries have held up relatively well so far, but are now also facing intensified adverse spillover effects from the slowdown in both developed and major middleincome countries.

The prospects for the next two years continue to be challenging, fraught with major uncertainties and risks slanted towards the downside.

Valoran Real Estate Brokers Issue No. 1 - Jan 2013 Growth of world gross product, 2006-2014 Percentage change 5 4.1

4

4.1

Policy scenario

4.0 Baseline

3

4.5

3.8 2.7

3.2

2

2.4

2.2

The unemployment rate continued to climb to a record high in the Euro area during 2012, up by more than one percentage point from one year ago.

Conditions are worse in Spain and Greece, where more than a quarter of the working population is without a job and more than half of the youth is unemployed. Only a few economies in the region, such as Austria, Germany, Luxembourg and the Netherlands, register low unemployment rates of about 5 per cent. Unemployment rates in Central and Eastern Europe also edged up slightly in 2012, resulting from fiscal austerity and the economic slowdown in the Euro area.

1.4 1

1.1

Downside scenario

0.2

0 -1 -2 -3 2006

2007

2008

2009

2010

2011

2012

2013

2012. Because of the dynamics of the vicious circle, the risk for a much worse scenario remains high and could be triggered by deeper fiscal cuts and delayed implementation of the OMT program.

2014

Slowdown in baseline with significant downside risk, but hopes for benign rebalancing with coordinated policies

Europe Several European economies are already in recession. In Germany, growth has slowed significantly, while France’s economy is stagnating.

A number of new policy initiatives have been taken by the Euro area authorities in 2012, including the Outright Monetary Transactions (OMT) program and steps towards greater fiscal integration and coordinated financial supervision and regulation.

Percentage change

United States The United States economy weakened notably during 2012, and growth prospects for 2013 and 2014 remain sluggish. On the up side, the beleaguered housing sector is showing some nascent signs of recovery, and further support is expected from the new round of quantitative easing recently launched by the Federal Reserve (Fed).

1 0 -1 -2 -3 -4 -5

USA

Euro area (16)

2016Q3

2016Q1

2015Q3

2015Q1

2015Q1

2014Q3

2014Q1

2013Q3

2012Q3

2012Q1

2011Q3

2011Q1

2010Q3

2010Q1

2009Q3

2009Q1

2008Q3

2008Q1

2007Q3

2007Q1

-6

The unemployment rate stayed above 8 per cent for the most part of 2012, but dropped to just below that level from September onwards. However, the labor participation rate is at a record low, while the shares of long- term unemployment reached historic highs of 40.6 per cent (jobless for 6 months or longer) and 31.4 per cent (one year or longer).

Advanced economies (21)

But there has been no significant initiative towards boosting growth in the short run or tackling the ever-mounting crisis in the labor markets.

The Euro area economy is expected to grow by only 0.3 per cent in 2013 and 1.4 per cent in 2014, a feeble recovery from the 0.5 per cent decline in

The lingering uncertainties about the fiscal stance continue to hold back business investment.

External demand is also expected to remain weak. In the baseline outlook, growth of GDP (gross domestic product) in the United States is forecast to decelerate to 1.7 per cent in 2013 from an already anemic pace of 2.1 per cent in 2012.

Risks remain high for a much bleaker scenario, www.valoran.ae

Valoran Real Estate Brokers Issue No. 1 - Jan 2013 Percentage change 1 0 -1 -2 -3 -4 -5

Japan

6

2016Q3

2016Q1

2015Q3

2015Q1

2015Q1

2014Q3

2014Q1

2013Q3

2012Q3

2012Q1

2011Q3

2011Q1

2010Q3

2010Q1

2009Q3

2009Q1

2008Q3

Economies in Africa are forecast to see a slight moderation in output growth in 2013 to 4.8 per cent, down from 5.0 per cent in 2012. Major factors underpinning this continued growth trajectory include the strong performance of oilexporting countries, continued fiscal spending on infrastructure projects, and expanding economic ties with Asian economies. However, Africa remains plagued by numerous challenges, including armed conflicts in various parts of the region. Growth of income per capita will continue, but at a pace considered insufficient to accelerate poverty reduction.

Billions of dollars 30 25 20 15 10 5 0 -5 -10 -15

Irish crisis First ECB LRTO

Greek crisis

2012M7

2012M4

2012M1

2011M10

2011M7

2011M4

2011M1

-20 2010M10

Economies in developing Asia have weakened considerably during 2012, as the region’s growth engines, China and India, have shifted into lower gear. While a significant deceleration in exports has been a key factor behind the slowdown, both economies also face a number of structural challenges that hamper growth. Given persistent inflationary pressures and large fiscal deficits, the scope for policy stimulus in India and other South Asian countries is limited. China and many East Asian economies, in contrast, possess much greater space for countercyclical policy. In the outlook, average growth in East Asia is forecast to pick up mildly to 6.2 per cent in 2013, from the estimated 5.8 per cent in 2012. GDP growth in South Asia is expected to average 5.0 per cent in 2013, up from 4.4 per cent in 2012, led by a moderate recovery of India’s economy.

Africa

2010M7

Developing Asia

Advanced economies (21)

The jobs crisis continues: no employment recovery before 2017 at going trends

2010M4

Japan’s economy is expected to slow as a result of the phasing out of incentives to private consumption and a new measure that increases the tax on consumption, reduces pension benefits and cuts government spending.

Euro area (16)

2010M1

Japan’s GDP is forecast to grow at 0.6 per cent in 2013 and 0.8 per cent in 2014, down from 1.5 per cent in 2012. Economic growth in Japan in 2012 was up from a year ago, mainly driven by the reconstruction work and recovery from the earthquake-related disasters of 2011. The Japanese government took additional measures to stimulate private consumption. Exports faced strong headwinds from the slowdown in global demand and appreciation of the yen.

2008Q1

2007Q3

-6

2007Q1

emanating from the “fiscal cliff,” which would entail a drop in aggregate demand by as much as 4 per cent of GDP during 2013 and 2014, as well as from the spillover effects of a further intensification of the Euro area crisis and a possible hard landing of the Chinese economy and further weakening of other major developing economies.

Valoran Real Estate Brokers Issue No. 1 - Jan 2013

Western Asia Contrasting trends are found in Western Asia. Most oil-exporting countries have experienced robust growth supported by record-high oil revenues and government spending. Social unrest and political instability, notably in the Syrian Arab Republic, continue to elevate the risk assessment for the entire region. On average, GDP growth in the region is expected to decelerate to 3.3 per cent in 2012 and 2013, from 6.7 per cent in 2011.

Latin America and the Caribbean GDP growth in Latin America and the Caribbean decelerated notably during 2012, led by weaker export demand and lower prices of non-food commodities in the region’s exports. In the outlook, subject to the risks of a further downturn, the baseline projection is for a return to moderate economic growth rates, led by expected improvements in economic conditions in Brazil.

For the region as whole, GDP growth is forecast to average 3.9 per cent in the baseline for 2013, compared with 3.2 per cent in 2012.

Russian Federation and the Commonwealth of Independent States Economic growth in the Russian Federation and other countries of the Commonwealth of Independent States (CIS) was robust in 2012, although it moderated in the second half of the year. Firm commodity prices, especially the prices of oil and natural gas, held up growth among energy-exporting economies, including the Russian Federation and Kazakhstan. In the outlook, GDP for the CIS is expected to grow by 3.8 per cent in 2013, the same as in 2012.

The vicious cycle of developed economies

High Unemployment

Fiscal austerity & Sovereign Debt risk

Low-growth Trap

Deleveraging by films & Households

Financial Sector Fragility

Brent oil price, January 2000-October 2012 Dollars per barrel 140

120

100

80

60

40

20

Jul-2012

Jul-2011

Jan-2012

Jul-2010

Jan-2011

Jul-2009

Jan-2010

Jul-2008

Jan-2009

Jul-2007

Jan-2008

Jul-2006

Jan-2007

Jul-2005

Jan-2006

Jul-2004

Jan-2005

Jul-2003

Jan-2004

Jul-2002

Jan-2003

Jul-2001

Jan-2002

Jul-2000

Jan-2001

Jan-2000

0

While the situation in Europe is contained presently, if the crisis expands and markets deny financing to these European economies, global GDP can be 4% lower than the one during the financial crises. Developing countries would feel its effects deeply, with their GDP declining by 4.2% by 2013. The downturn may well be longer than in 2008-09 because high-income countries do not have the fiscal or monetary resources to bail out the banking system or stimulate demand to the same extent as in 2008-09. A more ‘pronounced and synchronized’ downturn is a major impending threat. Although developing countries have some maneuverability on the monetary side, they could be forced to procyclically cut spending – especially if financing for fiscal deficits dries up. www.valoran.ae

Valoran Real Estate Brokers Issue No. 1 - Jan 2013

Dubai Macro Economy Dubai is a global city with tourism, real estate, and financial services being the major sectors of the economy. Dubai is the largest city, principal port and commercial center of the UAE federation. It is the largest of all the Emirates by population. While many believe Dubai’s economy is totally driven by oil and gas, that sector only comprises less than 6% of Dubai’s economy.

In fact, Dubai’s portion of natural gas revenues in the United Arab Emirates is only about 2%. Dubai’s oil production is estimated to be about 60,000 barrels per day. By the height of the boom years in 2007, Dubai had launched many large construction projects that draw a number of laborers to the city.

India, Switzerland, United States, Iran, Iraq, and China are the major trading partners.

85

In USD milions

83.25

81.5

79.75

2007

2008

2009

2010

2011

Source: Dubai Statistics Center

Tourism plays an important role in the economy; the city is home to many shopping malls that attract shopaholics from all across the globe. Dubai is known as the “shopping capital of the Middle East”.

Dubai’s superior infrastructure investment and robust population growth have established solid foundations for future economic growth.

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Population: Over 2 million Unemployment: 4.60% Inflation (CPI): 0.90% FDI Inflow: Dh 3.44 billion

As per the global research report by Merill Lynch (GCC 2020), the diversification model developed by Dubai will aid it to accelerate its growth and revive the turmoil created by the financial meltdown. After the major 2009 crises, the real estate sector in Dubai has registered a marginal recovery in the year 2010 with an increased demand from the residential sector with improved situation by the end of 2012.

The local economy appears set to sustain its recent upward momentum, as investor confidence returns and some core sectors rebound. However, there are still concerns that weak performance of key trading partners and tight liquidity could hold back expansion. While Dubai still has to deal with the fallout from the global financial crisis, the steady recovery of the economy is building confidence in the markets over the emirate’s ability to meet its obligations.

GDP at constant prices

78

Economic Facts

In September 2012, Dubai’s credit default swaps, which represent the cost of insuring against default, stood at 278 basis points, down to pre-crisis levels of September 2008, a clear indication that investors and ratings agencies have more confidence in Dubai’s ability to manage its high levels of debt.

Valoran Real Estate Brokers Issue No. 1 - Jan 2013

Signs of ‘Recovery’ The statistical and anecdotal factors show that the Dubai economy is recovering. The year 2012 shows positive figures with respect to corporate income, trade and tourism front, as well as a huge improvement in investor sentiment, as evidenced from the stock market index and property prices in the emirate, which mark confidence for further growth. Some of the signs which show that the economy is on its rise are discussed hereunder: Tourism is booming: As per the Dubai Department of Tourism and Commerce Marketing (DTCM), Dubai topped the world in terms of hotel occupancy levels and average revenue per available room (RevPAR). The emirate’s tourism regulatory body said Dubai hotels’ 86.2 per cent occupancy level in the first months of 2012 places it on top on the list of 15 top performance destinations, up from 75.4 per cent occupancy levels that Dubai hotels recorded in 2011. Dubai ranks above global tourism heavyweights such as Hong Kong, Sydney, London, Tokyo, Paris, Los Angeles, New York, Buenos Aires, Toronto, Madrid, Berlin, Beijing and Rome.

As per the report by the global credit card company, MasterCard, Dubai ranks 8th among the top 10 tourist destinations worldwide.

Rank

City

Spending

Visitors

1

London

$12.1b

16.9m

2

Paris

$17.8b

16.0m

3

Bangkok

$19.3b

12.2m

4

Singapore

$12.7b

11.8m

5

Istanbul

$10.6b

11.6m

6

Hong Kong

$9.5b

11.1m

7

Madrid

$11.5b

9.8m

8

Dubai

$8.8b

8.8m

9

Frankfurt

$10.9b

8.1m

10

Kuala Lampur

$6.4b

8.1m

Firming property prices: According to data from the Dubai Land Department (DLD), property sales in Dubai soared 54 per cent as value rose 32 per cent in the first quarter of 2012 compared with the same period last year. With real estate considered a strong pillar of the Dubai economy, a buoyant property market reflects the underlying commercial strength and fundamentally strong economic growth in the emirate, which is in turn boosting demand and prices in Dubai.

Trade is thriving: Dubai’s sophisticated modern infrastructure, the advanced services at sea and airports together with the customs facilitations available to all land, sea and air ports have contributed considerably to achieve positive results in Dubai foreign trade.

Growing corporate earnings: The Dubai Financial Market (DFM) General Index is the best performing Gulf market last year, surging by 22.77 per cent in the first quarter of 2012. Reflecting the buoyancy and a general improvement in investor sentiment, share prices of more than 20 listed firms shot up by more than 10 per cent in the three-month period, with 13 firms registering stock price movement of more than 50 per cent, and four of them jumping by more than 100 per cent. Moreover, the liquidity has improved to Dh317.13 million in Q1 2012, an increase of a massive 331 per cent from Dh73.52m in the last quarter of 2011. That’s a sure sign of rising investor interest and sentiment.

As per the report by the global credit card company, MasterCard, Dubai ranks 8th among the top 10 tourist destinations worldwide. www.valoran.ae

Valoran Real Estate Brokers Issue No. 1 - Jan 2013

Jobs are back: A whole host of large Dubai companies are looking to fill a growing number of vacancies in their fold. From one of the world’s largest airlines, the Dubai-based Emirates airline to utility firm Dubai Electricity and Water Authority (DEWA), real estate major Emaar Properties, aluminum manufacturer Dubal and many more are all on the lookout. With a rise in demand for skilled personnel there will be a possibility for the rise in pay packages of existing employees.

Surge in advertising: From wafer-thin magazines and on-diet news dailies, print publications are once again gaining weight. A number of publications that had reduced their page-counts over the last couple of years have managed to return to their original size. Same is the case with outdoor advertising, with once-unoccupied billboards and signboards brandishing new colors and adverts. Not just that, a quick glance around Dubai’s numerous restaurants and cafés shows that the buzz is back, with food and beverage outlets brimming once again with customers who are voting in an economic resurgence with their wallets.

Dubai’s property market will grow at a steadier and more stable pace over the next year, offering solid investment opportunities for savvy investors.

In 2012 the Dubai market steadily grew with each quarter outperforming the last. In 2013 buyers will definitely be able to benefit from this capital growth, but will need to be very savvy about where they invest, in which projects and which area.

The real estate prices have increased from 7% to 12% in the year 2012 as compared with the previous year.

This figure gives an optimistic view for the real estate sector for Dubai for the next year as well.

Dubai’s real estate market is showing signs of recovery. The number of property transactions in the emirate jumped 50 percent in the first half of 2012 compared with a year earlier, data from the Dubai Land Department show. Still, the total purchase value, 12 billion dirhams ($3.2 billion), was 74 percent less than the 46.5 billion dirhams of sales in the first half of 2008.

Dubai Real state

Dubai builders have sidelined $757 billion worth of projects since 2008, and the local property market still faces an inventory glut. But still Dubai will remain one of the most lucrative real estate markets in the world in 2013 because of the filtering of the market following the correction and the increases in business and tourism.

The contribution of the property/real estate sector to the Dubai’s GDP is on a rise on a year-to-year basis. The real estate sector contributed only 12.8% to the GDP in the year 2006, and marked a steady increase of 39.8% approximately in the year 2010, which however, fell to 16.2% in the year 2011.

But it is forecasted that with the recovery from the financial crises of 2008, and many projects in pipeline scheduled to be completed soon, this sector is expected to rise in the forthcoming years.

Contribution by Real Estate sector to GDP in Dubai

2011 2010 2009 2008 2007 2006 0

5

10 in percentage

10

15

20

Valoran Real Estate Brokers Issue No. 1 - Jan 2013

Residential property Dubai has suffered by far the steepest drop in residential property prices in comparison to 32 developed economies surveyed worldwide, down 47.3% on average during the financial meltdown.

However, the villa selling prices increased by 23 per cent year-on-year in September 2012, while at the other end of the scale the selling price of apartments grew by 5.7 per cent.

• Individual locations are showing even higher villa price rises. The Jumeirah Park three-bedroom villas tipped in the May’s issue of Arabian Money newsletter are among the top performers, up 20 per cent.

• About a quarter of the emirate’s residential properties are empty, even while an additional 25,000 are due to be completed in the year 2013 as developers fulfill contracts awarded before the crash, as per the estimates by Jones Lang LaSalle Inc. • Collections of prime single-family homes known as villa communities, which account for about 20 percent of the homes on the market, are in higher demand than other types of residences.

• Dubai villa rent increases lagged well behind the surge in selling prices with a 5.4 per cent rise, and apartment rental costs were up 3.5 per cent in September quarter-on-quarter.

• Although prime residential buildings in well-established locations saw improved performance last year, secondary locations suffered from rental and pricing declines because tenants relocated to new high-quality projects.

• Prices of residential properties in the preferred locations, such as the downtown area and the marina, have risen about 15 percent last year (2012); and are expected to rise further in the year to come 2013.

• Around 6,000 new units were completed in the first nine months of 2012. Another 17,000 units had previously been expected to come to the market before the end of the year, but it is likely that much of this supply will be completed during the year 2013.

• It is anticipated that the main completions from 2012 to 2014 will be in Jumeirah Village (approx. 6,300 units); Dubailand (6,200 units); Dubai Sports City (6,000 units); Dubai Silicon Oasis (4,200 units) and Al Furjan (4,000 units).

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Valoran Real Estate Brokers Issue No. 1 - Jan 2013

Commercial Property With the positive growth in economy and existence of diverse businesses, the demand of commercial real estate in Dubai is increasing. The commercial properties in Dubai include offices, labor accommodations and warehouses, commercial plots, shops, clinics….etc.

• Dubai offices are on reasonable demand, from downtown high rise to suburban offices; all are the specialty in the business sector of commercial real estate in Dubai.

Dubai Stock office

• New developments will add about 9.7 million square feet next year, equal to 13 percent of the existing space in Dubai’s business quarter.

• The rentals for office space have been forecasted to remain constant during the next year.

7.00

In Millions sq. m.

• With the continued increase in supply, current vacancy rates for city wide properties stands at approximately 50%, while prime locations have vacancy of under 20% in the last year 2012; and is expected to remain in the same level for prime locations, however, grow to 55% is expected for city wide properties in the year 2013.

5.25

Prime Rental rates for office Space (excluding DIFC)

3.50

1.75

0

2008

2009

2010

2011

Category Title

2012

2013 (E)

2013 (E) 2012 2011 2010 2009 2008 2007 2006 0

1000

2000

3000

4000

AED per Sq. M.

• Dubai’s office market has witnessed an increase in inventory in the previous years and is expected to reach 7 million square meters in the year 2013.

While the Dubai market is certainly starting to recover, this improvement remains largely focused on a limited number of high quality assets/locations, and have yet to trickle down to the overall market where rents and values have remained largely to pre-crisis levels.

Total vacancy rates

In percentage

60 45 30 15 0 2008

2009

2010

2011

2012 Prime

12

2013(E) City Wide

5000

Valoran Real Estate Brokers Issue No. 1 - Jan 2013

In 2013 • Damac is planning to deliver over 4,000 luxury serviced hotel apartments by the end of 2013.

• New areas such as Production Zone, and the Emirates/Al will start to grow in

International Media Jumeirah Village Khail Road area valuation in 2013.

• Opportunity for infrastructure development: The UAE government has recently approved Dh 44.6 billion deficit-free federal budget.

Within that, 12 percent will be spent on water and electricity services, with a major focus on health and education. This is a clear indication that the required infrastructure to allow undeveloped areas to grow will be forthcoming and is committed to.

• Dubai is still betting heavily on long-term appetite for the kind of self-contained, megaescapes that were among the main casualties of its fiscal meltdown. The new wave of projects also marks an important shift for Dubai away from housing-oriented developments toward more entertainment and tourism, particularly

with visitors from China sharply on the rise.

The proposed Mohammad bin Rashid City — named after Dubai’s ruler — includes a shopping complex that will surpass the world’s largest, the Dubai Mall, just down the road.

• The marketing push ahead for the proposed city includes: 100 hotels, a theme park in collaboration with Universal Studios, a green space somewhere in size between London’s Hyde Park and New York’s Central Park, and the mother of all malls.

• The lavishly named ‘Falcon city of Wonders’ was first unveiled during the height of Dubai’s white-hot growth five years ago, but later fell victim to the financial crisis. It’s now back on the agenda with ethnic-themed sections that include replicas of the Eiffel Tower, the Giza Pyramids and the leaning Tower of Pisa.

• The ruler of Dubai announced at the end of November 2012, the construction of the Bollywood theme park to be a part of a $2.7 billion five-park complex.

The financial crises caused the fall in the property prices by over 47.3 percent but it is on its improvement stage, and in order to combat the ill effects created by the meltdown, the Dubai market undertook many projects for accelerating the growth at the real estate sector.

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Valoran Real Estate Brokers Issue No. 1 - Jan 2013

References GLOBAL ECONOMY: PROSPECTS: 2012 AND 2013 World Economic Situation and Prospects 2013- Global outlook, UN Report World Economic Situation and Prospects 2012- Global Outlook, UN Report.

Economy of Dubai

http://en.wikipedia.org/wiki/Economy_of_Dubai

Dubai Economy, Government of Dubai

http://dubai.ae/en/aboutdubai/Pages/DubaiEconomy.aspx

The Future of the Global Financial System- A Near-Term Outlook and Long-Term Scenarios , World Economic Forum https://members.weforum.org/pdf/scenarios/TheFutureoftheGlobalFinancialSystem.pdf

Dubai: Regaining Lost Ground- Oxford Business Group,

http://www.oxfordbusinessgroup.com/economic_updates/dubai-regaining-lost-ground

www.Emirates247.com www.arabianmoney.net Dubai’s Illusory Real Estate Rebound, November 2012,

http://www.businessweek.com/articles/2012-11-08/dubais-illusory-real-estate-rebound

Commercial Real Estate in Dubai,

http://www.bhomes.com/uae/dubai_commercial_real_estate.xhtml http://www.foxnews.com/world/2012/11/28/dubai-returns-to-mega-project-swagger-after-humbling-debt-crisis/ http://www.damacproperties.com/press-release-details.aspx?id=126

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