During the global economic crisis Dubai’s real estate sector faced a serious challenge. Companies had to give up on some projects, some were frozen. But after the crisis was over the real estate developers in Dubai continued to erect the most large-scale and ambitious buildings in UAE and the whole world. The speed of construction and the amount of projects are so high that Dubai can be considered as a vast single construction site. Everywhere there is something being built. There are lots of hotels, residential and commercial buildings. There are both projects for middle-class and buildings that are unique in their design and luxury – from apartment blocks and villas to the world’s highest skyscrapers. But who is developing all that magnificence of modern civilization? There is a variety of real estate developers in Dubai, and it is absolutely impossible to tell about each of them. Nevertheless it would be fair to mention a couple of them.
One of the most interesting companies is The First Group, the British developer that has been constructing residential, commercial and hotel property for over 25 years. This company was one of the first to recognize the potential of UAE’s real estate market and since 2005 it is successfully doing business there. The First Group’s headquarter is located in Dubai. The company’s specialization is developing iconic hotels – a brilliant choice if you take into account Dubai’s high class tourism sector and the fact that in 2020 the city is going to hold the World Expo exhibition which will attract even more tourists and business people. Another interesting detail about The First Group is that the company doesn’t end its relationship with the investors after the project is finished. The British real estate developer was the first one to have established partnership with Wyndham Hotel Group, one of the most successful hotel companies that guarantee high profits for the investors.
The First Group is famous for its projects in a number of prestigious areas of the city. The British developer’s portfolio has TFG Marina Hotel situated in Dubai Marina, a prosperous area of Dubai. Another achievement of the company is Metro Central and First Central hotel apartments built in the business district of Tecom. Dubai Sports City is also worth mentioning. It is the center of Dubai’s sport life where The First Group has constructed such projects as The Diamond, The Spirit, The bridge and The Matrix, sport complexes with golf, cricket and other academies.
Another real estate developer in Dubai one must know is Nakheel based in 2000 and since 2011 owned by the government. The company has already gone down in history for constructing artificial islands on the shore of the city. First of all those are the three Palm Islands – Palm Jumeirah, Palm Jebel Ali, and Palm Deira. Unbelievable size and a most complicated creating process make the Palm Islands the 8th wonder of the world.
Of course the companies mentioned are merely a tiny part of the list of real estate developers in Dubai since the city’s market attracts lots of organizations and investors. Many projects have been finished, yet many more are to be finished in future. Dubai’s growth is incredible and it is becoming one the most attractive cities for tourists and business people.