Dubai’s new real estate projects valued at Dh404 billion

Dubai added real estate projects valued at over $110 billion (Dh404 billion) in November alone, taking the total preliminary/early stage projects in the UAE to $199 billion, according to a Citi report.

“The most interesting point to note here is that UAE projects now stand at $199 billion, up 127 per cent from October’s $88 billion.

This is driven by a $110bn real estate development project in Dubai,” the global bank said in its new Mena Construction Project Tracker report.

Overall early stage projects in the Middle East and North Africa (Mena) region rose 17 per cent to $655 billion since October, the bank said, adding that the UAE had surpassed Saudi Arabia in the early stage projects category. Early projects in Saudi Arabia were valued at $172 billion.

In the fourth quarter of 2012, a slew of mega projects were announced by the Dubai government and private entities.

In November, Dubai made the biggest announcement by launching "Mohammad Bin Rashid City," which will consist of a family centre for leisure and entertainment set up in collaboration with Universal Studios; Mall of the World, the largest shopping mall of the world and having over 100 hotel facilities to meet the needs of visitors.