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Cities in the Middle East and Africa (MEA) are gaining momentum, with Dubai, Riyadh and Nairobi all ranked within the top 20, according to JLL’s City Momentum Index 2020 which identifies the world’s most dynamic cities from a real estate perspective.
Now in its seventh year, the annual Index combines socio-economic and commercial property metrics to provide new insights into 130 major established and emerging business hubs across the globe.
With Dubai (14th) ranking in the top 20 for the first time in three years, the Emirate continues to be the major business hub in the Middle East, with more than half of the population aged 20-40 (the second highest proportion globally).
Government initiatives such as the relaxation of visa regulations have also been designed to balance out the construction boom in commercial and residential properties while momentum is expected to be fuelled further in the lead-up to Expo 2020 Dubai.
The Saudi Arabian capital, Riyadh (18th) enters the top 20 for the first time and is benefiting from Saudi Arabia’s ‘Vision 2030’ programme of economic reforms, with its objective of diversifying the economy away from oil.
Initiatives to improve the quality of life through better infrastructure and entertainment in combination with introducing regulations to expand tourism will continue to have a positive impact on the economy and real estate market.
Saudi Arabia unveiled the design of its pavilion at the Expo 2020 Dubai on Sunday. The pavilion will be second in size only to that of the UAE pavilion, covering an area the size of two football pitches.
The Federation of UAE Chambers of Commerce and Industry in partnership with the Dubai Chamber of Commerce and Industry and the Saudi Food and Drug Authority recently hosted a workshop for UAE business and stakeholders interested in exporting to Saudi Arabia.
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Saudi Aramco is set to raise $12 billion with its first international bond issue after receiving more than $100 billion in orders, a record breaking vote of market confidence for the oil giant. State-owned Aramco›s bond issue, split into maturities ranging from three to 30 years, is seen as a gauge of potential investor interest in the Saudi company›s eventual initial public offering.
The Khalifa Fund for Enterprise Development has announced the signing of a $100 million (Dhs368 million) agreement with the Ethiopian Ministry of Finance in Addis Ababa.
In recognition of the importance that Dubai holds in the global trade and investment arena, the International Chambers of Commerce (ICC) held a gala ceremony to commemorate 100 years of its existence.
Abdullah Sultan Al Owais, the Chairman of the Sharjah Chamber of Commerce & Industry, SCCI, recently received a high-level US delegation headed by Seth Oppenheim, Commercial Officer, SelectUSA Investment Summit, accompanied by George Calboh,