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7 November 2018
In its recent report on Abu Dhabi’s real estate sector, property consultant JLL reveals that while the market remained subdued over Q3 this year, the launch of the first phase of the Tomorrow 2021 initiative paves the way for a more positive investment environment.
The three-year AED 50 billion plan from the Abu Dhabi government is aimed at boosting the economy through investment in four main areas including: business & investment, society, knowledge & innovation, and lifestyle.
Some of the main pillars of Tomorrow 21 include supporting small and medium enterprises by allowing start-ups to launch without a physical address and developing a new economic licensing system to facilitate issuance of business licenses, says JLL. These initiatives are expected to boost overall commercial activity and improve the competitiveness of the business environment in Abu Dhabi in the future.
“The first tenet was launched in September with the aim of creating an attractive environment for enterprise growth, developing the private sector, and stimulating industry projects,” said the JLL report.
"With the reforms set to impact the real estate sector, the 'Tomorrow 2021' stimulus
package will particularly focus on increased investment in the commercial market in the long term. Further aspects of the package will impact free zone businesses, allowing them to trade on shore. This will boost economic activity and therefore benefit the real estate market in the future," said Peter Stebbings, head of Abu Dhabi office - senior director valuation advisory, Mena, JLL.
In addition, this quarter in Abu Dhabi saw Aldar launch Aldar Investments, a subsidiary with around USD 5.4 billion worth of real estate assets, which has since raised investment or development market prospects.