{"id":47428,"date":"2022-08-11T10:44:44","date_gmt":"2022-08-11T02:44:44","guid":{"rendered":"https:\/\/www.iqiglobal.com\/blog\/?p=47428"},"modified":"2024-02-15T14:19:49","modified_gmt":"2024-02-15T06:19:49","slug":"middle-east-turns-to-property-to-boost-economy","status":"publish","type":"post","link":"https:\/\/iqiglobal.com\/blog\/middle-east-turns-to-property-to-boost-economy\/","title":{"rendered":"Middle East turns to property to boost economy"},"content":{"rendered":"\n

Middle-East states including the United Arab Emirates and Saudi Arabia are launching ambitious property projects<\/span><\/span> and other initiatives to rejuvenate the Gulf economy, reducing its reliance on oil while attracting foreign capital and talent from China and elsewhere.<\/p>\n

The Gulf Cooperation Council, a group of six states comprising Saudi, UAE, Bahrain, Kuwait, Oman and Qatar, grew 5.9 per cent in 2021 as an economy, driven by a surge in oil sales and energy prices. The economy shrank by almost 5 per cent in 2020 as the pandemic crashed oil prices to near US$40 a barrel, according to the World Bank.<\/p>\n

“Money can’t buy you love, but it can buy you international talent,” said Kashif Ansari, co-founder and CEO at Juwai IQI, which operates a portal with US$4 trillion of property listings. “Investing billions of dollars in hi-tech projects and new lifestyle destinations can succeed at attracting talent.”<\/p>\n

“Some Chinese professionals are using Dubai as a home base during the pandemic,” said Ansari, former country head of Albatha in the UAE. “They can obtain a one-year remote working visa and wait out 2022 on the beachfront. From Dubai, they can easily spend weekends in Europe or visit the US. A whole range of travel and lifestyle options are possible that just aren’t available to someone residing in China under various quarantine rules.”<\/p>\n

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