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Real estate, tourism projects in Gulf states to hit $20 billion

Strong population growth contributes to high demand for residential and commercial properties

A study released in Dubai on Monday showed that Gulf states will witness the construction of tourist and real estate projects at a cost of more than $20 billion within the next four years.

According to the study prepared by a research firm, the real estate and construction market in the Gulf is going through an excellent situation, noting that the real estate expansion will continue to accommodate population growth in Gulf States, as the latest statistics indicate that the Gulf’s population reached 57 million.

Research firm Capital stated that the strong population growth in the Gulf states contributes to the high demand for residential and commercial properties, shopping, hospitality, recreation and healthcare facilities and infrastructure.

Real estate investor Mohamed Moataz Al-Khayyat commented: “The construction movement is witnessing a strong recovery in Gulf states to accommodate the influx of foreign workers and keep up with the surge of tourist traffic as well as accommodate the population growth.”

($1 = AED3.67, at the time of publishing)