Real estate investment in Dubai witnessing clear recovery: Munthir Al Ali

DUBAI: Munthir Al Ali, Chairman of the Board of Directors of a group of real estate companies, confirmed that the real estate market in Dubai has witnessed a noticeable recovery with an increase in the volume of sales in the construction sector since the year 2021, achieving the best performance this year. The emirate witnessed a clear boom, which was reflected in the desire of real estate developers to pump more investments and launch new projects in the market.

This came during the annual iftar ceremony held in Dubai to honour distinguished employees with the Employee of the Year 2024 award from all companies.

Al Ali, who manages each of Key Mavens Development, Golden Square Engineering Consultants, Premier Management Consultants, KM Management Group, Vernus International School and Vision Properties, expects the recovery to continue in escalation and growth until the year 2026, supported by a number of incentives, the most important of which are the gains of the Emirate of Dubai after hosting Expo 2020, which was accompanied by positive expectations that have resulted in attracting capital from various countries of the world in recent years, which has been pumped into major real estate investments, in addition to what the emirate abounds with. As a global leader in the security and safety system, and possessing advanced infrastructure, it has made it an attractive destination for investors.

Al Ali pointed out that the emirate witnessed a gradual increase in residential unit rents over the past two years, with their value nearly doubling compared to 2020, which was reflected in the increased demand for residential units at competitive prices, which led to attracting international investors to pump more investments into the real estate sector. Pointing out that the Emirate of Dubai is a global investment destination that attracts the interest of investors from all over the world, as the percentage of sales to foreign investors has increased to 90% in some vital sectors, with it worth noting the increase in the percentage of Russian investors during the recent period.

Al Ali said that all of his companies, since the establishment of Golden Square Engineering Consultations in 2008 until today, have been able to achieve success in many pioneering projects, and have documented their promises and reputation with remarkable achievements in delivering many constructions to distinguished clients in the public and private sectors, most notably Al-Nasr Club, Dubai Municipality, Trakhees, Roads and Transport Authority, Nakheel, and others.

Al Ali revealed that the latest project of Key Mavens Development Company is ‘The Terraces Marassi Drive’, located in the heart of Business Bay in Dubai, and with its unique character and design, it reflects the highest standards of luxury for luxury residential projects in the emirate. As for upcoming projects, the company is preparing to launch the ‘Montage’ project by Key Mavens in the Jaddaf Waterfront area in the charming Dubai Creek. Its cost is 300 million dirhams, as it provides luxury residential units at reasonable prices compared to its location in the Al Jaddaf area, which enjoys advanced infrastructure.

Al Ali explained that his companies have a broad real estate specialisation, especially in residential projects and malls, and added: “We are proud to have been present since the beginning of the real estate boom in Dubai through the Marasi Drive project in the business district, and we also plan to continue our expansion in the field of real estate development.”

He added that his companies have in their investment portfolio three new malls in Dubai that were built during the past two years, most notably the ‘DSO1’ and ‘DSO2’ malls in the core of the Silicon Oasis.