Growth of UAE's real-estate, hospitality sectors attracts higher foreign direct investment, say experts

Dubai (WAM): The Higher Organising Committee of the Annual Investment Meeting (AIM) 2014 anticipates a spurt in foreign direct investment (FDI) in hospitality and entertainment sectors in the UAE, driven by major developments taking place in the hotel industry. "In light of a series of directives from H.H. Sheikh Mohammed bin Rashid Al Maktoum, to simplify procedures for hotel investments in Dubai, we anticipate a huge interest from international investors keen to explore opportunities in the country. In addition, AIM will also be discussing the prospects of investment in other emerging economies of the world," said Dawood Al Shezawi, CEO, AIM's Organising Committee. AIM will gather representatives from government departments, private sector, decision-makers and leading drivers of the global economy under one roof. "The UAE will see more hotel projects coming up in response to the Government of Dubai decree on creating an ideal investment climate. This will result in significant growth in investments in real estate and construction sectors in the near future, especially since the preparations for Expo 2020 are in full swing," he added. "We have seen rising interest from investors in hotels and resorts, which will definitely give rise to ambitious and high-profile projects, especially in the UAE and some other countries." Shezawi added, "The directives of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum stipulates minimising the timeframe needed for getting preliminary approvals for hotel projects to just two months, from the usual period of between 3 to 6 months. This is a proactive move which will attract more investments into the country, giving a huge boost to tourism and real-estate industries in the short and long run." AIM, which is expected to attract more than 10,000 visitors over three days, will discuss diverse topics related to investments in the hospitality sector in emerging markets. The AIM, which has established itself as one of the high-profile annual economic events in the region, has attracted more than 120 countries this year. Investment in tourism will be a key topic on the agenda of AIM, along with other vital issues facing emerging economies around the world. – Emirates News Agency, WAM –