Dubai construction boom accompanied by economic development
The construction market in Dubai is booming, with up to a quarter of the world's construction cranes operating there, but according to a Morgan Stanley report, property is not the only development ongoing in the Emirate.
Also taking place is growing infrastructure development and industrialisation, which marks a change in the economics of the Middle East.
Stephen Roach of investment bank Morgan Stanley asserts that the expansion taking place in Dubai suggests a move away from past boom and bust oil-price economies.
Mr Roach asserts that the construction boom has "been accompanied by expanded infrastructure efforts, rapidly growing commitments to education and medicine, increased industrialisation, and the growth of domestic capital market activity".
The shift in economic development will afford the Emirate greater economic stability, making it an increasingly attractive investment opportunity.
Mr Roach also asserts that authorities in the region are operating with a tighter fiscal policy than in the past, which will mean increased stability in the UAE and dampen the effects of oil price fluctuations.
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