The Emirate is the highest-ranking Middle Eastern hub in the international real estate services agency, JLL's annual City Momentum Index 2020.
With a view on the real estate markets and by studying a number of key growth indicators including socio-economic and commercial property metrics, the Index identifies 130 established and emerging cities that have the strongest positive momentum in their economies over the short to medium term.
Ranked 14, Dubai’s continues to build the necessary critical mass to be the major business hub in the Middle East; the growing number of Dubai-based design studios and construction firms that are servicing projects not only in the UAE but the wider GCC, Africa and Asia reiterate the sentiment within the region's design industry.
According to the report, Dubai’s infrastructure impetus is in part being driven by Expo 2020. Initiatives such as relaxation of visa regulations and ease of establishing businesses will have long-term positive impacts on the contemporary residential and commercial sectors. Alongside, the hospitality sector will continue to grow with many international and regional propriety chains expanding their product offering in response to the Emirate’s continued repute as the region’s leading tourism hub.
Saudi Arabia’s capital, Riyadh enters the top 20 for the first time at No.18, benefiting from the Kingdom’s ‘Vision 2030’ programme of economic reforms, with its objective of diversifying the economy away from oil.
“These cities are leading the way by successfully addressing infrastructure needs to further enhance mobility while creating thriving, inclusive, safe and affordable communities,” says Thierry Delvaux, CEO of JLL MEA. "Moving forward, we will see real estate play a more important role in smart-city futures, driving greater energy efficiency, and promoting sustainable, scalable and smart developments.”