The real estate sector is set to be one of the principal beneficiaries of the development of Al Maktoum International Airport,in Dubai according to, Cluttons.
Plans for the two phased project, which will cover an area of 65km2 in Jebel Ali, was unveiled to Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, over the weekend.
Dubai International Airport, is already the world’s busiest hub for international traffic, and continues to play a vital role in the development of the emirate’s economy as aviation remains a core pillar for growth.
With the aviation sector’s contribution to the UAE’s GDP set to rise to 32% by 2020 from 28% at present, there will be a significant ripple effect on the number of jobs created.
Faisal Durrani, Cluttons’ business development manager said: “Aviation has historically been a significant contributor to the city’s growth.
“Once again, the sector looks set to deliver the next wave of growth for Dubai, well beyond the current horizon of the 2020 Expo, which is already translating into a flurry of construction activity across the city.
“The residential sector will no doubt be an obvious long term benefactor of the significant rise in the number of jobs being created, with both lettings and buyer demand set to rise significantly as the number of households in the city increases. However, it is the commercial sector that stands to benefit the most in the short to medium term.”