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Dubai is a leading regional commercial hub with a state-of-art infrastructure amid a world class business environment. With its strategic location and consistently strong economic outlook, Dubai is the ideal base for multinationals targeting markets in Central Asia, the Middle East, Africa, the Asian Subcontinent and the Eastern Mediterranean.
Dubai is renowned for its international sporting events, world-class shopping, sun-drenched beaches, luxury hotels and unique blend of traditional and modern architecture. It is the hub of commerce and tourism in the Middle East. The city has an exotic flair that buzzes with activity day and night.
Dubai was the first emirate of the United Arab Emirates (UAE) to get involved in freehold real estate, at a time when UAE and GCC nationals were only permitted to own property in the United Arab Emirates. Buying real estate in the Emirates is slowly changing and becoming more available to expats. In 2001, the Dubai government agreed to allow expats to have a 99-year lease of particular Dubai property, but in May 2002, the crown prince of Dubai, Sheikh Mohammed bin Rashid Al Maktoom, issued a decree allowing foreigners to buy property on freehold ownership. After Sheikh Maktoum's decree, this sparked the real estate boom in Dubai's residential property. The purchase of property on freehold basis means that the property is put in the owner's name for life, and the owner has the right to sell, lease or rent his/her property at their own discretion. Property owners and their immediate family, will obtain renewable Dubai residence visas, which can cost Dhs. 5,000 per person. Freehold property in Dubai is currently limited to areas from Bur Dubai to the end of Dubai, where Dubai connects with Abu Dhabi. Some of these areas include Sheikh Zayed Road, Jumeirah, Jebel Ali, Marina and Dubailand.
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