Expo 2020 is close at hand and with only two years until the great exhibition opens its doors, now is the best time for developers to join forces and take advantage of the opportunities presented by the unprecedented influx of people.
It is a well-known fact that the Expo 2020 will see people from all over the world diverting their attention to the UAE, both for business and relocation purposes, ultimately providing a boom to the UAE’s economy and of course the real estate industry.
Without a doubt, the real estate market in the UAE has benefited immensely from Expo 2020. The increase of construction cranes and workers around the city ever since the announcement was made tells us that there is an accelerated interest in both the rental and sales sector of both commercial and residential properties.
Dubai has a rich history of innovative progress and Expo 2020 will be a testament to this spirit of growth. This innovative progress can be merited to Dubai’s constant forward-thinking attitude. The Expo site, also known as Dubai South, was already in the design stages when Dubai won the bid in 2013. However, the rapid pace and extensive scale at which the project has grown in just five-and-a-half years is impressive. Numerous residential and commercial developments have already been handed over to meet the increased demand expected in the run-up to the event.
Among all the buzz surrounding the new projects lined up for the Expo, there is a huge opportunity that many developers can take advantage of by forming joint ventures. Developers who have the land but lack access to architectural and construction services, or even investment, can partner with companies that offer these services. However, these joint ventures do not have to be limited to the pooling of assets, it can even extend to combining expertise to create truly exceptional projects which can be vital while working within a tight deadline.
Let’s take the example of a recently announced, high-profile collaboration between two of the UAE’s master developers, Abu Dhabi’s Aldar and Dubai’s Emaar. The convergence of these two entities has given birth to the creation of two new mega projects valued at Dh30 billion – Emaar Beachfront in Dubai, and Saadiyat Grove in Abu Dhabi.
These two industry giants have combined their forces to develop two mega projects that play to the strengths of the individual emirates. Emaar Beachfront in Dubai will be a new private island which will be added to the list of Dubai’s majestic man-made island developments. Saadiyat Grove in Abu Dhabi will house two new museums that will further showcase Abu Dhabi’s commitment to the arts. Just like The Louvre, Abu Dhabi, this project will be another stepping stone to reinforcing Abu Dhabi’s reputation as the cultural capital of the country.
On the same subject, The Louvre is another great example of what joint ventures can achieve. It was built by a consortium of Arabtec, Constructora San Jose and Oger Abu Dhabi. This extraordinary project showcases some of the world’s great art, while also being a stunning architectural feat.
Joint ventures can bring about so much more than just the pooling of assets and shared expertise; it can also work towards accelerating efficient construction, which is vital when creating projects to a tight deadline. The joint venture between Aldar and Emaar has produced astounding results already. It is certain that if more companies follow suit, it would provide a positive impact on the economy in all of the emirates in the UAE.
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