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Dubai Rental Market Named Top Performer in World as Trade Between UAE & UK to Reach New Levels by 2015 and BRJ Creates More Than 30,000 Jobs in Saudi


Middle East : 15 July 2013

Rental Market in Dubai Ranks as Top in the World

A recent report by Knight Frank stated that Dubai’s rental market increased by 18.3 percent. Rental values rose by 10.1 percent in the past half year and increased by 3.5 percent in the opening quarter of this year.

According to the National Bank of Abu Dhabi, Dubai’s average rental rate increased by 3 percent in June, reaching Dh 74.2 per square foot, pushing the annual rate of increase to 16.35 percent.

Reidin.com released an index on the residential property leases reporting an increase of 1.8 percent in May and an annual increase of 11.9 percent.

The weakest performances were recorded in London (3.1 percent increase), New York (2.6 percent) and Hong Kong (2.3 percent).

Other top performers included third place Bejing at 12.3 percent higher and second place Nairobi at 13.9 percent higher.

The Prime Global Rental Index increased by 0.2 percent worldwide during the opening quarter and 3.8 percent for the year until March.

This increase marks the fifteenth consecutive rise in a quarterly index and represents a 20.3 percent increase above the low levels reported in Q3 2009. The Middle East was the leading performer with an increase of 13.1 percent in prime rents. North America reported the weakest performance, with a decline of 0.7 percent.

Prime rents are increasing at healthy levels in several emerging markets, but weaker rents in established markets like Hong Kong, London and New York have overshadowed growth, according to the Knight Frank report.

Mobility increased across the globe with firms seeking to fill in the skills gap. Recent figures indicate that west-to-east mobility levels remain higher, as multinationals relocate more of their key talent to the Middle East, China and Africa.

Dubai is the only Middle East city ranked in the top list for prime rental rates.

Trade Between UAE and UK Set to Increase by 2015

A new level of trade between the UK and the UAE is forecasted for 2015, according to UAE ambassador to the UK, Abdul Rahman Al Mutaiwe’e. Last year trade between these two nations reached Dh 54 billion or £10 billion. Forecasted trade for 2015 is £12.5 billion.

Robust economic and political ties between the two nations have driven the trade increase. Investments made by the UAE in the UK equalled £40 billion by the close of last year. This figure should swell even more in 2013, driven by mutual interest of UK and UAE investors, according to Al Mutaiwe’e.

The ambassador stressed that DP World has worked to establish the necessary London Gateway infrastructure since the beginning of this year, investing £1.5 billion. That project will provide 12,000 employment positions upon completion and more than 3 million containers will move through the Gateway on an annual basis, according to Al Mutaiwe’e.

The ambassador noted that real estate, energy and infrastructure, including the London port, remain the key investment sectors.

The UAE investments in the United Kingdom remain diversified. The largest offshore wind farm in the world, the London Array, and a cable car stretching across the River Thames, the Emirates Skyline, are two projects forecasted to result in higher levels of joint investments over the coming years.

The London Array represents strong, long-term renewable energy investments, according to the ambassador. Al Mutaiwe’e also noted that over 4,000 firms from the UK operate in a range of spheres throughout the UAE.

BRJ Opens Up Over 35,000 Jobs in Opening Half of 2013

Saudi initiative Bab Rizq Jameel (or BRJ) created 35,090 employment positions over the first six months of the year, marking a 17 percent rise over the opening half of 2012.

Seventy-eight percent of the positions were created for females, while only 22 percent were made for male workers, according to some sources.

Abdul Latif Jameel Community Initiatives Saudi Arabia president noted that the BRJ program created a positive impact on employment, using diversified programming to rise 17 percent over the previous year’s results.

The president also commented on the cooperation between BRJ and several government bodies, such as the Ministry of Labor and the HRDF (or Human Resources Development Fund). He noted that the Credit and Savings Bank maintains an important role in job creation by sponsoring the owners of small projects.

The Social Charity Fund played a key role in job creation, as did the TVTC (or Technical & Vocational Training Corp) and NCB, along with other private and public organizations.

BRJ Saudi Arabia executive director Abdulrahman Al-Fihaid noted the productive household program of the BRJ opened up 15,116 jobs over the first six months of 2013, accounting for 43 percent of the total number of positions created in that period.

Using the concept of microfinancing, this portion of BRJ provides SR 2,000 to SR 6,000 in an interest-free loan to approved groups looking to start their own enterprise. Examples of the enterprises involved in this program include gift wrapping, sales of wedding and silver accessories and embroidery.

Grameen Bank operates a similar initiative, although the BRJ program targets job creation exclusively. More than 167,000 females have taken advantage of this program.

A beneficiary named Nawal, who opened a perfume sales operation, is currently moving into the second stage of the program and looking forward to expansion. Her profits reach up to 30 percent and her income ranges from SR 1,800 to SR 2,000 monthly.

According the BRJ director Ahmed Mugalam, who’s in charge of the Northern Province, over 2,266 small projects have received support from the program in the first six months of this year. A majority of those involved are female, although both males and females are certainly accepted.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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