Middle East has opportunity for property investment and jobs

The United Arab Emirates is the third largest investor in property in the world after the UK and the US, according to research analysts.

The out look for the UAE, Qatar and Bahrain is even better as turmoil in the global financial markets has worsened the standing of the UK and US, says Steve Williams, global adviser for Real Capital Analytics.

Despite the international storm and the turbulence experienced in the local financial market, real estate capital remains a beacon of hope with dozens of multi-million dollar development projects being launched recently during Cityscape, he added.

There is plenty of optimism in the region. 'The message is we continue to be active and we continue to do business,' said Paul Devonshire, managing director of Pimerica Property Funds AG.

He believes the best opportunities are in Abu Dhabi, Doha in Qatar, Saudi Arabia, Morocco and Dubai. His company is investing $55 billion including in Jebel Ali, Dubai, Abu Dhabi, Qatar, Kuwait and Saudi Arabia.

'We strongly believe that there are opportunities here. We expect yields of around 20%. It keeps changing but the net yield has got to be above and beyond what we get in Western Europe,' he said.

Local developers are also claiming publicly that they are optimistic about the local market. 'Dubai is not seeing a hit. I don't think we will see a dip down,' said Al Faraa Properties director for Natasha Gangaramani.

However some are more cautious. According to Faisal Ghadiyali, a B&M associate, the financial crunch was causing some discomfort due to financing becoming difficult but there were 'good Islamic options' available, he said.

The region is set to see an influx of former Wall Street and City of London high fliers who see a better future in the Middle East. Recruitment experts say their postbags and in-trays are bulging with CVs sent by job-seekers wanting to flee the financial turmoil in the West.