Leading Engineers Are Very Optimistic for Dubai's Recovery

The Middle Eastern leading architectural and engineering consultancy firm, Dewan Architects and Engineers, has shown a great deal of optimism about the growth of the real estate sector in the United Arab Emirates. This optimism was expressed following its participation at the Cityscape Global 2010 meeting. The event, which ended on October 7th at the Dubai World Trade Centre, featured a speech by the chairman and founder of Dewan Architects and Engineers, Mohammed Al Assam, which was entitled "Adopting a credible, coherent and practical architectural style in the Middle East". Mr Mohammed Al Assam has noted that the Middle East and the Dubai property market have appeared to be rebounding after the global downturn and pointed to the recent Dubai Chamber figures that showed that over $700 billion worth of construction projects are either at design stage or already under their way in the United Arab Emirates. This presents to be a rather promising future for the Dubai property market and with that for the United Arab Emirates. "We are glad to report that we are continuously moving forward with all of our projects. In fact, we received an overwhelmingly positive response at Cityscape Global and we regard our participation here as a great success," as was stated by the chairman of of Dewan Architects and Engineers, Mohammed Al Assam.

Dubai property for sale in the first six months of the year has surpassed $2.5 billion. In a report to the London Stock Exchange, the Dubai Land Department recorded an enormous sale of 1,188 for the period beginning January to June to a total value of $2.62 billion, as was reported by 7Days.ae. This is compared to the 510 transactions in the second half of 2009 and the 2,327 sales completed throughout the whole of 2009, highlighting the boost that the United Arab Emirates has witnessed in just the past year alone. This was a very positive change and promises to continue. In a further positive step for Dubai property, mortgage lender Tamweel has witnessed an increased stake from the Dubai Islamic Bank. The Chairman of the Dubai Islamic Bank Mohammed Ibrahim Al Shaibani told the news source: "The transaction marks an important milestone for the Dubai Islamic Bank and the United Arab Emirate property." Meanwhile, emirates247.com reported that according to the government of Dubai's bond prospectus, 46 property projects have been completed and another whole number of 307 are due to be completed, while another 495 projects have unfortunately been cancelled.