Forex Trading Lebanon
The Dubai Economic Development department has released the latest figures which show that the growth in UAE has increased by 6.2%. This has been better than any other region in the Middle East. The reason is mainly the hectic construction activity. Coupled with increase in tourism, rise of business travelers, open freehold policies have all contributed to the economy looking upwards. There is no denying that the rulers have taken the region to be the main Gulf and bridge between trade and commerce in the east and west. The setting up of the free trade zone itself has been a wise move on the part of the government to allow forex into the country. As there are no corporate and income tax, traders are even happy to make the money and keep it for themselves. Now which other country gives such benefits to the citizens and expatriates working there? Even the local agencies report that nearly AED 20 billion worth construction activity has been tendered and are going on in full swing.
The largest developers who have the backing of the government are expected to deliver all projects on time to the buyers. Other regions close to UAE are keeping a watch on the developments in Dubai before they make any moves to increase their economic structure. If the Dubai model works they do could start the same. Neighboring countries like Oman and Qatar are already diversifying and not depending on the oil to sustain them. Even builders from Egypt have come to UAE to build projects. Small traders from Syria, Jordan, Cyprus, and Lebanon have come to do business ad take back forex to their countries. Dubai has become a bigger business hub for larger commercial projects in other sectors like health, sports, education and transport. Even IT and media services have improved in the country and are becoming examples for other neighboring countries to develop similar strategies to boost revenues.
It is the professional attitude that is getting international investors to Dubai. The level of low rate of interest in Dubai makes it easy for people to borrow and have better lifestyles. No tax structure is the biggest sop the country gives. The traditional forms of investments like gold and equity have been replaced by bigger assets like real estate. Even oil richer Kingdom of Saudi Arabia have faired less (barring oil income). But Arabs have suddenly realized that real estate is an economically sound proposition. Seeing what is happening in Dubai, some Arab investors have purchased entire apartment towers in Jeddah. In Baharain, nearly USD 6 billion worth Amwaj Island project is 60% sold. Similarly in Saudi Arabia, USD 500 million worth residential and commercial projects which is the largest made by any private developer is underway. These are smaller projects compared to that of Dubai which is leading the pack with major construction activity and infrastructure facilities. If other countries in the region also release freehold properties they could also have an economic boom like UAE.
To explore real estate in Dubai, go to Dubai Real Estate
easy-forex® at the 6th Middle East Forex Expo & Conference – Beirut, Lebanon
