The CEO of Binghatti Developers, which operates across the UAE with more than 30 projects worth AED3 billion, expects a "highly positive effect" on the real estate market following announcements of a new long-term visa system and 100 percent foreign ownership of local companies.
Muhammad BinGhatti, CEO and head of architecture, said the changes "will strengthen the UAE’s position as one of the world’s best real estate investment destinations".
The UAE Cabinet on Sunday approved a new long-term visa system and a 100 percent foreign ownership of companies in the country, which has previously been limited to those companies based in freezones.
BinGhatti said: "These momentous decisions will undoubtedly have a highly positive effect on the real estate sector since more international investors will be attracted by the new and more sustainable demand in the lease market.
"These decisions will also lead to the absorption of the current supply in the market, especially that expatriate end-users will be encouraged to buy their own homes."
He added: "The United Arab Emirates’ progressive leadership ensures the continuous growth and development of the real estate sector."
The company currently operates in several areas throughout Dubai including Business Bay, Dubai Silicon Oasis, Al Jadaf, Dubai Marina, Jumeirah Village Circle, Liwan, and Dubai Land Residence Complex, in addition to a mega commercial project in Abu Dhabi covering an area of 1 million square feet.
The company said it has "bold plans for expansion" in the coming years, specifically focused on Dubai.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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