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UAE firms Eye Indian real estate


UAE firms Eye Indian real estate

Last updated: April 16 2007
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  • UAE firms Eye Indian real estate

    The Indian real estate market with its booming economy, is surely attracting a lot of attention, especially from the United Arab Emirates (UAE). At a major realty fair in the capital, eight UAE-based property developers showcased their properties and also checked investment options.

    Some of the renowned real estate companies of the UAE which participated in the fair are Al Fajer Properties, Damac, Star Giga, Sherwood and Best Homes that are investing in hotels, malls, healthcare, housing and IT parks all over the country with the key centres being Mumbai, Delhi, Chennai and Hyderabad.

    The three-day fair, which concluded Sunday, had participation also from the US, Malaysia, Singapore, Spain, besides India, among others and attracted nearly 10,000 visitors.

    'Nearly 55 percent of the UAE population is Indian. So obviously companies will come to the place to which most of the population of their country belongs. Moreover, with India's booming economy, not only the UAE but the whole world is eyeing the Indian pie!' said Iqbal Siddiqui, exhibition manager from Al Fajer Information and Services.

    Siddiqui said the historical connections between the two countries are also one of the reasons why companies from the UAE are, quite naturally, opting to invest here.

    'Earlier it was very difficult to do business here but now with the foreign direct investment (FDI) regulations getting relaxed and the potential of the market to grow at 100 percent in the next three to four years, more and more companies are eager to come to India,' he added.

    Al Fajer Properties, with 12 stalls, was the biggest exhibitor from the UAE.

    'India is the most attractive and growing economy with a strong link and history of cross-border trade as witnessed in the recent high delegation visit led by the Prime Minister of UAE and Dubai ruler, Sheikh Mohammad bin Rashid Al Makhtoum,' said Shaharam Abdullah, CEO of Al Fajer Properties.

    'Hence, we are looking for investment opportunities and further strengthening our existing relations with our partners in the subcontinent,' Sharam said.

    While companies are looking at investment options in India, there has been an enthusiastic response from Indian consumers wishing to buy properties in the UAE as well.

    '34 percent properties sold in the UAE are bought by Indians,' said Siddiqui.
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