Property in UAE dominating Gulf area

Property in Dubai and the United Arab Emirates (UAE) continues to lead the development market in the Gulf.

A new report from Kuwait National Bank has estimated that 45 per cent of projects in the region are being carried out in the UAE, with these amounting to $930 billion (£567 billion).

The research said that high-profile developments in luxury areas are boosting this value, with the Frankfurt Sports Tower, Champions Towers and the Cambridge Business Centre all aiding this.

Ahmed Shaikhani, managing director at property firm Memon Investments, said: "The strong standing of the UAE in the construction market is an indicator of the capacity of developers of locally-based projects to proceed with the construction of launched projects amidst the challenges presented by the economic slump."

The report stated that the value of property in the UAE developments is now four times higher than the prediction from June 2005.

More people are also flying into Dubai, with the emirate's airport being the hub of the Middle East, which may boost property in the UAE.