Due to its efforts to become the “City of the Future,” Dubai is deservedly regarded as one of the most forward-thinking, investor-friendly, and intelligent locations in the world. The building of the Dubai-Abu Dhabi Virgin Hyperloop, the electric sky pod network, and autonomous taxis are some of the most notable smart city technologies now taking place in Dubai. The emirate has undergone a significant infrastructure growth. In fact, the city intends for 25% of trips to be driverless by 2030, and Dubai will begin testing autonomous vehicles by the end of 2022.
Additionally, in 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai, Vice President, and Prime Minister of the UAE, given a decree regulating the use of 3D printing in the construction sector to guarantee that a quarter of the buildings in Dubai are constructed using the technology by 2030. This was done to promote the adoption of advanced technologies in the emirate.
Dubai rated third among the top FDI sites of the future in 2021, based to the FDI Global Cities of the Future 2021/2022 report by fDi Intelligence, demonstrating the strong degree of investor trust in Dubai and its future-readiness. That so, the city’s safety, quality of life, and connectedness to the rest of the world are largely responsible for its investment attraction.
Not to mention that Dubai’s real estate may produce a ROI of up to 9%, which is much greater than what a lot of global markets can now give. The emirate’s prices for luxury real estate are also considerably less than those in other large cities like New York, Hong Kong, and Geneva. Given that the UAE does not currently levy a property tax and has no intentions to do so, it is not unexpected that in 2021, with the COVID-19 pandemic and travel restrictions, Dubai recorded the highest year value in terms of property deals (AED 300 billion, USD 82 billion).
Dubai, which recently became the initial paperless city in the world, has aggressively invested in digital solutions to foster growth and support sustainability. This has greatly facilitated government transactions. As a result, the Dubai Land Department (DLD) has emerged as the region’s first real estate digital platform, providing consumers with a variety of digital and paperless real estate processes. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, also introduced the Dubai RE-tech platform last year (2021), which makes use of cutting-edge AI technologies to let investors analyze data pertaining to the real estate industry. This platform is in line with the Dubai 2040 Urban Master Plan.
Launching District 2020, the legacy of the Expo 2020 site, is another significant move that will strengthen Dubai’s position as the “City of the Future.” The first “15-minute city” in the UAE will have broad pedestrianized walkways, a jogging track, a bicycle track, as well as a designated autonomous car route, all with an emphasis on the health and wellbeing of its inhabitants. Additionally, the District 2020 development will serve as a significant platform for businesses specializing in artificial intelligence, the internet of matters, big data, and blockchain in an effort to support the innovation-driven economy.