Middle East’s main business and financial hub, have slumped by more than 30 per cent since 2014, forcing the government to set up a committee to manage supply and demand. Emaar offered payment plans that encouraged speculation and wouldn’t slow building even when the majority of other big developers, including Meraas Holding and Nakheel did. With the onset of the pandemic, property companies worried about their cash flow and stopped projects as demand from foreign and local investors evaporated. Demand is now picking up amid discounts offered by developers. Demand from buyers in India, Russia and Saudi Arabia is strong.
One of the world’s largest port operators, said trade between the United Arab Emirates and Israel could amount to $5bn annually after the two nations normalized ties earlier this year. Dubai’s largest developer is temporarily halting new projects amid a property glut that, combined with the coronavirus pandemic, has shaved nearly a third off house prices in the past six years.