By Abdul Basit – Chief Reporter www.khaleejtimes.com
The real estate sector is expected to emerge as one of the principal beneficiaries of the development of Al Maktoum International Airport, according to international real estate consultants Cluttons.
Plans for the two phased project, which will cover an area of 65 square kilometres in Jebel Ali, was unveiled to His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, over the weekend. With the vision behind Dubai’s aviation master plan now crystallised, the city’s entire economy is set to benefit significantly.
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 GDP set to rise to 32 per cent by 2020 from 28 per cent at present, there will be a significant ripple effect on the number of jobs created.
Faisal Durrani, Cluttons’ International Research and Business Development manager, said: “Aviation has historically been a significant contributor to the city’s growth. Once again, the sector will 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. More info