Can Middle East money lure expats and wealthy emigrants from China? Saudi Arabia, Dubai splash on mega projects to diversify, attract talent and investors
- The Line and The Ava are two new projects to extend the pipeline of shiny mega developments in the Gulf states
- Oil-dependent GCC states have experienced fluctuating fortunes tied to global energy prices including wild swings in pandemic-stricken years
Saudi Arabia last month unveiled The Line, a mega development to accommodate 9 million residents over a 34-square km area in northern Tabuk province and reportedly backed by US$500 billion of funds from the state and private investors.
In Dubai, the Omniyat Group partnered with Brunei-owned luxury hotel operator Dorchester Collection last month to launch The Ava at Palm Jumeirah, a project offering 17 ultra-luxury residences, each having private pools and a 270-degree view of the city’s skyline.
The Gulf Cooperation Council, a group of six states comprising Saudi, UAE, Bahrain, Kuwait, Oman and Qatar, grew 5.9 per cent in 2021 as an economy, driven by a surge in oil sales and energy prices. The economy shrank by almost 5 per cent in 2020 as the pandemic crashed oil prices to near US$40 a barrel, according to the World Bank.
“Money can’t buy you love, but it can buy you international talent,” said Kashif Ansari, co-founder and CEO at Juwai IQI, which operates a portal with US$4 trillion of property listings. “Investing billions of dollars in hi-tech projects and new lifestyle destinations can succeed at attracting talent.”