Shortage of office space in the sheikhdom
Dubai's sheikhdom is currently experiencing a shortage of office space that could make the area a prime target for investors with extra cash to spare.
Many developers in Dubai are switching their attentions away from residential property and seeking to fill this gap with commercial developments, as exemplified by a recent deal involving construction firm Balfour Beatty, reports Bloomberg.
The UK-based construction giant has secured a $149.8 million (£73.9 million) deal with Omniyat Properties that will see it build two more high-rise commercial buildings in the emirate.
Omniyat, which is based in Dubai, announced yesterday that the contract for The Binary development has been awarded to Balfour Beatty's local branch, Dutco Balfour Beatty.
Bloomberg also reports that Omniyat is currently working on projects with a total value of about $1.3 billion in Dubai.
Other projects currently being undertaken by Omiyat include The Opus, a 1.9 million sq ft office development to be finished in 2010.
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