28 January, 2020
Dubai and Riyadh among Top 20 Most Dynamic Cities
The Middle East and Africa region is gaining significant momentum, with respect to developments in the real estate sector.
Dubai obtained a ranking at #14 and made the list for the first time in 3 years in the JLL City Momentum Index 2020, which enumerates the most dynamic cities across the world. The rankings, which take socioeconomic factors and commercial property metrics into consideration, give valuable data on over 130 business hubs (established or emerging) from around the world.
Those aged between 20 – 40 years account for more than half the population in Dubai, thereby maintaining its place as the most attractive business hub in the region. With Government visa regulations being eased, this would provide the required balancing act for the boom observed in the commercial real estate space. Moreover, the Expo 2020 event is also set to boost the real estate sector this year.
Riyadh, ranked at 18, is a debutant on the list and has seen its place as a result of the strong diversification strategy of the KSA Government. The KSA government is reducing its economic dependence on oil, thereby leading to a positive outlook on the city. In addition, the Riyadh rail network is scheduled for 2020-21, and has lent credence to the infrastructure development index for the city.
Real estate is expected to hold a key role in the smart city and mobility initiatives of the Dubai Government. Energy efficiency and sustainable projects will be the way forward, as opined by industry experts.
The ranking saw Indian cities of Hyderabad and Bangalore take the top 2 spots, with Nairobi coming in at fourth.