Next decade holds huge growth for Dubai

22/07/2012 - Dubai Investment News
Next decade holds huge growth for Dubai

Dubai is set for tremendous growth over the next ten years, making it an excellent place for business and investment. According to the positive forecast from Bank of America Merrill Lynch, with the emirate’s population predicted to double in a decade, that growth will fuel demand for property, business and tourism. The report hails Dubai as one of the best GCC cities in which to develop business. It could also prove a lucrative place for property investment, with an expected population boom set to average 6.1% per year over the next 8 years. This growth is also poised to outpace the increase in demand for property in the city, meaning now could be the best time to buy.

Dubai’s hotel industry is also set to benefit from this upbeat forecast, with hotel guest numbers expected to rise to 20 million by 2020, requiring nearly 19,000 new hotel rooms. This tremendous growth makes the emirate’s hotel market one of the hottest places for investment over the next decade. In recognition of this, The First Group continues to add to its own hotel portfolio. Its latest investment opportunity in this thriving sector is TFG Marina Hotel - located in Dubai’s most popular property hotspot, Dubai Marina.