The first two months of this year has seen demand for office space in the UAE jump by 20%. Enquiries have come largely from multinational companies looking to shift their Middle East headquarters to Dubai in the wake of political unrest in other parts of the MENA region, according to UAE based property management company Asteco. It says the UAE's political stability, well-established financial credentials and strategic location are attracting more and more investors to Dubai and Abu Dhabi in particular. The emirates are also being viewed as a safe haven for those currently operating companies in the likes of Egypt and Tunisia.
Top global brands such as Coca-Cola, Cisco Systems, GlaxoSmithKline and Volkswagen are among the names looking to close offices in Cairo and relocate to the UAE, according to reports by Bloomberg and other agencies. Recently the Dubai Economic Development revealed they had issued 13,817 trade licences in 2010, an increase of 17% year on year.
According to Asteco, there has also been internal movement in areas such as Sheikh Zayed Road, DIFC and ‘New Dubai’ areas of Al Barsha and Jumeirah Lake Towers, by companies who are looking for better locations, as well as value for money and quality.