_Innovation and creativity strengthening Dubai's millennial appeal

“Now businesses are looking for space to operate that will give them a competitive advantage and for this developers will need to adapt to remain competitive. In addition, for corporates, having the right premises is a way to attract the right talent for future growth,” says Dadd.

Dubai’s market recovery in 2012 was largely led by the tourism industry. Following the outbreak of the Arab Spring in early 2011, traditionally popular tourist destinations in the Middle East like Cairo lost their appeal amid heightened security concerns.

Dubai’s safe haven status, aviation hub, world-class hospitality and retail offerings, meant it was well placed to benefit.

The residential market reached peak performance in 2013 when it was announced Dubai would host the Expo 2020, fuelling speculation on its impact on job growth and tourism.

High profile announcements of new schemes such as the Mohammed Bin Rashid City (a multi-billion dollar mixed-use development) further buoyed confidence in the recovery, which has witnessed continued development and project launches into 2017.

In the commercial real estate market there has been continued improvements and amendments by the Real Estate Regulatory Agency (RERA) which will help improve trust, confidence and therefore investment in the sector. By improving the perception of Dubai’s real estate market is important for future growth beyond the Dubai 2020 Expo. 

Coupled with this emerged a re-branding strategy to shake off Dubai’s negative image following the downturn. Known for being the leading financial hub in the Middle East and North Africa (MENA) via the Dubai International Financial Centre (DIFC) Free Zone, Dubai positioned itself as the frontrunner of creativity and innovation in the region.

Government funding has encouraged a favourable environment for artists and entrepreneurs to set up in Dubai and cement its status as a regional hub.