UAE – Mubasher: Dubai welcomed 7.28 million visitors in 2021, recording gross revenues of $1.70 billion, according to data shared by ZāZEN Properties.

On the country level, the UAE’s tourism revenues exceeded $5 billion during the first half of (H1) 2022.

The report indicated that initiatives like Ras Al Khaimah’s $500 million ecotourism plan will attract more investments that reinforce the UAE’s overall economy and boost the country’s real estate landscape.

Real estate development is responsible for nearly 40% of global primary energy consumption, while the construction of energy-efficient and sustainable structures can cut energy needs by 50%.

Being the first Arab country to sign the Paris Agreement, a legally binding international treaty on climate change, the UAE demonstrated its keenness for energy reduction and carbon footprint.

In line with its objectives to foster sustainability, the Gulf country expanded its development of green buildings through the gradual adoption of energy management and retrofitting programmes, green rooftops, and smart buildings. 

Madhav Dhar, Co-Founder and COO of ZāZEN Properties, noted: “Climate action is a catalyst for driving economic growth. There is a growing emphasis on this in the UAE’s real estate landscape and it is as timely as it is beneficial.”

Dhar added: “With local initiatives such as Dubai 2040 Urban Master Plan and UAE Net Zero 2050 on the horizon, the increased development of sustainable real estate will be instrumental in achieving a more prosperous future not only for the country but also on a global scale with initiatives such as the Paris Agreement.

He elaborated: “A recent Knight Frank survey showed that a majority of Middle East respondents acknowledged that less than 25% of their global portfolios were sustainable; 75% confirmed that net zero targets would play a significant role in terms of decision-making in the real estate sector in the future.”