Staff Report
Windmills Group, a well-reputed group of property valuation and brokerage companies in the UAE, announced that it has signed a Memorandum of Business Association with IQI, a global real estate, investment and advisory firm.
The strategic alliance will give Windmill access to IQI’s resources around the world including its clients, projects and platform and allow the two firms to collaborate in all business areas.
Benazir Moti, Managing Director of Windmills International Real Estate Services said, “The association with IQI is an honour for Windmills Group and a phenomenal global business opportunity. Partnering with IQI will bring top-class services/solutions and international standards to our clients. The prime objective of the association is to promote the lucrative UAE property market across Asia, Australia and Canada through IQI’s extensive network of offices in those regions.”
“As an international property firm operating across 17 countries, IQI has seen strong growth across Asia over the past few years and with the recent merger of Juwai and IQI, we are optimistic of pursuing our next strategic expansion across the MENA region. With the upcoming Expo 2020, we believe that the UAE will continue to serve as our regional real estate business hub due to its strategic location, international accessibility, and robust legal system. This strategic alliance with Windmills, known for its professionalism, extensive client base and competitive service standards will further the aims of both firms to expand within MENA as well as globally.” said Mr. Kashif Ansari, CEO of IQI.
On the economy in the UAE, Shan Saeed, Chief Economist at IQI said, “The real estate market may be attracting relatively limited investor’s attention today compared to 2002-2008 and 2012-2013 periods due to the time mismatch between supply now and the expected growth in demand in the near future. Few regional political challenges also remain a question in investors mind. I believe that both subjects are contingent and short term in nature. Over the medium to long term, investment in UAE real estate is likely to be a huge earning opportunity, in view of relatively strong USD and positive outlook of oil price.”
“There is no country like UAE in the world; developed by such a growth mindset, top-class infrastructure, safety, internationalism, and no income, capital or inheritance tax environment. Dubai has been recently ranked 8th top global financial centre in the Global Financial Centres Index (GFCI). Where in the world can we have up to 7.5% net rental income through a passive investment? Which developed the city in the world offers an average price of USD 225 psf? The EXPO 2020, low-interest regime, sufficient liquidity with banks, and the increasingly relaxed immigration regulations are strong positive indicators and conducive to reinstate the real estate market of Dubai to its resilient conditions in the near future.” said Bilal Moti, Managing Partner of Windmills Valuation Services.
“According to the DLD’s annual report last week, contribution of the real estate sector to Dubai’s gross domestic product (GDP) reached 13.6 per cent in 2018 compared to 6.9 per cent in 2017 while the construction sector’s contribution reached 6.4 per cent in 2018 compared to 6.2 per cent in both 2017 and 2016. At the end of August 2019, Dubai has registered 3,365 real estate transactions for the value of AED 9 billion,” added Ms. Jeriline Ciprez, Marketing and Research Manager of Windmills Group. – abdulbasit@theuaenews.com
