Dubai gives away $554 of land to local citizens

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More than half a billion dollar value of land was bestowed to the local citizens of Dubai counting ten plots on Palm Jumeirah, as of the first half of 2014 according to the official data released Dubai Land Department.

Dubai gives away $554 of land to local citizens

Dubai gives away $554 of land to local citizens

According to the assessment, the Emirate offered an aggregate of 165 plots of land since the first month of 2014 until June 30. The total value of the land has reached to AED 2,036,871,505 or $554.5 million.

Furthermore, the information tells that the most expensive piece of land awarded was a plot in Al Safouh found in western Dubai valued at $77.8 million and the most of the lot were granted in Mirdif, which accounts to 12 pieces of land worth $10,133,029.57. Next were the 12 plots worth $15.7 million in Al Thanyah Fifth, followed by Al Barsha South Fifth with 11 plots offered worth $10.3 million, Al Thanayah Fourth with 10 plots worth of $47.6 million and the iconic Palm Jumeirah with 10 plots worth $23.2 million.

The figures on the latest data recount to the conjecture that construction projects awarded across the GCC would arrive at $195.67 billion this year, escalated by almost $35 billion from year 2013. UAE, Qatar and Saudi Arabia are to be expected to go in front in terms of construction market growth over the years. Meanwhile, Saudi Arabia represented the biggest share of the contracts awarded in 2013, followed by the UAE.

Mohamed Dekkak