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Dubai-Cyprus property synergies

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Strengthening Cyprus’ and the United Arab Emirates’ history of strong relations, Dubai’s Property Shop Investment (PSI), a leading name in UAE real estate, held its roadshow at Park Lane Resort, Limassol.

Cyprus and the UAE are eager to find investment synergistic opportunities, from renewables to essential commodities to real estate.

The two countries have been working toward enhancing bilateral cooperation, with many Cypriots living and working in the UAE and vice versa.

This first-ever roadshow for PSI, held on October 27-29, showcased unprecedented Dubai investment opportunities while familiarising the company’s staff with Cyprus hospitality and culture.

“Park Lane Hotel as a venue was very impressive,” said Nibal Khattar, Sales Manager for PSI.

“It was one of the nice things, similar to what we have at home in Dubai.

“The people were very kind and well-mannered in the hotel and at the event.

“We did not really get to experience interacting with many Cypriots until now.

“We have met very fine people, whether inside the hotel or in the events. Everyone says, ‘Hi,’ there was no language barrier.

“Overall, it was an amazing experience with the Cyprus people.

“This is the second time we’ve come here.

“And it was more enjoyable this time than the last time because we really got to meet and greet.”

They introduced Cypriots, Russians, and other foreign investors to an exclusive opportunity to capitalise on Dubai’s thriving real estate market and discussed the benefits of a 10-year Golden Visa, the possibility of a high return on investment (ROI), and a tax-free lifestyle.

“We have travelled to many countries before, including Armenia, Russia, Saudi Arabia, Iraq, the whole Middle East, and a lot of European countries such as the Netherlands, also India, parts of Asia, Singapore… so we have done many road shows,” Khattar said.

“People are interested in coming to Dubai for various reasons, for more employment opportunities and, of course, doing business together.

“There are people who are looking for opportunities; there are people who are looking for investments. Everyone likes to come to buy.

“Out of all countries that we have visited, the feedback we got from many people has encouraged us to come and visit the people in their own country and educate them about what is going on in Dubai.”

Dubai’s meteoric rise as an economic hub and a beacon for investors has been remarkable.

PSI’s presentation highlighted the allure of this dynamic city and described a golden opportunity for investors to diversify their portfolios for a secure financial future.

It gave compelling reasons for investing in Dubai, including a 10-Year Golden Visa, “allowing investors to enjoy peace of mind while building their future in one of the world’s most dynamic cities.”

Dubai has recently delivered impressive returns on investment in a city that continues to attract global attention.

The real estate market in Dubai saw 176 high-end property sales that exceeded $10 million, as it outpaced London, Paris and New York in the first quarter of 2023, according to British real estate consultancy Knight Frank.

Many wealthy investors are turning to Dubai as a safe haven, bolstering luxury real estate in the UAE.

Q1 sales, 2023:

City                        # of deals                            $ value of deals

Dubai                    92                                           $1700 mln

Hong Kong          67                                           $988 mln

New York             58                                           $942 mln

London                 36                                           $736 mln

Source: Knight Frank  

Dubai is renowned for its favourable tax environment.

Investors benefit from zero income, capital gains, and inheritance tax.

Its tax-friendly regime allows investors to retain more of their capital, promising financial security and peace of mind for them and their families.

“We are excited to bring the unparalleled opportunities of Dubai’s real estate market to Cyprus for the very first time,” said Amer Saadeh, Managing Director at PSI.

“Our mission is to empower investors with the knowledge and resources they need to make informed decisions that will secure their financial future.

“Dubai’s 10-year Golden Visa, high ROI, and tax-free lifestyle make it an irresistible destination for forward-thinking investors.”

PSI is associated with some of the top developers in Dubai, including EMAAR, DAMAC, NAKHEEL, and SOBHA.

Through these strategic alliances, PSI aims to provide access to premium properties, investment opportunities, and mortgages, enabling investors to benefit from the best that Dubai’s real estate market offers.

Other significant projects Cyprus has with the UAE include DP World in Limassol Port, operated under a 25-year concession by the Emirati company specialising in cargo logistics, port terminal operations, maritime service, and economic zones.

As the UAE will host COP28 from 30 November to 12 December, hydrogen and climate financing could also be areas of potential cooperation.

 

Jocelyn ‘JL’ Morin is the author of six award-winning books, including Nature’s Confession, a graduate of Harvard and NYU’s Stern School of Business

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