DOHA: With over 85 percent ($2.8bn) of its projects concentrated in Dubai, Al Mazaya Holding has announced to boost its investment activities in the city.
The decision is largely driven by Dubai’s successful bidding for hosting rights of Expo 2020, one of the largest events in the world, which is being seen as a major force to accelerate economic growth, said a statement yesterday.
Acting CEO of Al Mazaya Holding, Ibrahim Al Saqabi, said: “Company’s strategic plan over the next five years will include entering into investments in Dubai market.
According to global analysts will see a big jump during the coming period, especially since the UAE government had estimated that the project will add about $23bn to the gross domestic product (GDP) between 2015 and 2020 which is nearly 25 percent of its current GDP.
He said that Dubai’s winning of Expo 2020 will have a positive impact on the activities of the company.
Al Saqabi also said that reliable figures indicate that Expo 2020 is expected to significantly increase foreign capital inflows, and provide 300,000 jobs over the next six or seven years.
In addition, it is expected to drive real estate and development projects forward, creating bullish forecasts for the real estate sector in the UAE for the medium term future.
He stressed that the Dubai market has become now more aware and mature than ever before.
The Peninsula
