Tourism revenue is overtaking oil revenue in Dubai, one of the fastest growing cities in the world, writes Jo-ann Hodgson.

Dubai has dramatically transformed itself from an international trading port to a model 'new economy' in the last decade. The demand for homes and holiday residences in the second largest of the seven emirates constituting the United Arab Emirates is currently pushing up property prices.

Rental prices have increased with the recent amplified interest from international professionals and companies who are attracted by Dubai's no tax benefits; including a lack of income and property related taxes.

Tourism is also booming. Sheik Mohammed bin Rashid al Maktoum hoping to attract 15million visitors a year to Dubai by 2010 with his development of events such as the annual Dubai shopping festival, launched in 1995 which now fills hotels to 90 per cent and can generate extra sales of up to $1.5 billion, and the Dubai World Cup, the world's richest horse race.

One hundred airlines now link Dubai to 145 destinations and Emirates, the Dubai-based airline, launched in 1985, has turned a profit every year.

Dave Ames, Marketing Manager of Harlequin Property says: "Dubai is the fastest growing leisure and sporting destination in the world. It was the first city in the region to form free trade zones two decades ago and foreign investors have not been shy in setting up their regional operations.

"Investment in tourism has grown phenomenally. Dubai's gross domestic product increased an average of seven per cent a year. With over 50 four and five star hotels in the city, this middle eastern oasis will be a hard destination to beat."

Dubai Sports City, the world's first fully-integrated purpose built sports city is expected to attract more British investment when showcased in the UK later this month
 
The 50 million square foot city will incorporate four stadiums, global brand sports academies, leisure facilities, hotels, cinemas, entertainment outlets, schools, healthcare and a sports themed shopping mall.

The City will also showcase their Canal Residence West development, made up of five buildings comprising of studio, one, two and three bedroom penthouse apartments.

The properties will have access to top sporting events and facilities all incorporated within the Dubai Sports City scheme. These will include a 18-hole Ernie Els signature golf course, academies such as Manchester United Soccer School, the David Lloyd Tennis Academy, the International Cricket Council's first ever ICC Global Cricket Academy, the worlds first 'World Hockey' Academy, a Butch Harmon School of Golf and a health club.

U.Balasubramaniam, Chief Executive Officer of Dubai Sports City said: "Our vision and masterplan for Dubai Sports City will set new lifestyle standards across the world. Sports and leisure facilities will enable people to live life to the full by exercising every positive human emotion. Based on the scientific principle that a healthy life is a happier life, the scheme will cater for every aspect of well-being: physical, mental and emotional."

Dubai Sports City has released apartments in three styles of the five being built for sale – the Mediterranean, the Classic European and the Venetian buildings with apartments ranging from 488 sq ft to a sizeable 3,227 sq ft. Prices will start from approx. £55,000 for a studio apartment.

Harlequin Property also has property for sale in Dubai. It is currently marketing The Fairmount Resort and Residence, which is directly linked to The Fairmount Hotel. Investors in the resort gain access to bars, restaurants, swimming pools, a private beach, gymnasium, sports facilities and security. Prices start from £325,000 and Harlequin can arrange mortgages up to 70 per cent LTV subject to status. 

Dubai Sports City will be showcased at Novotel, Hammersmith on the 20th and 21st January.

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Article published on 11 January 2007