The UAE witnessed a significant development in the property market last week with the opening of Fidu Properties’ regional office in Dubai. With this event, Fidu now officially establishes its footprint in the local market, having worked remotely with the UAE for the past 2 years.
Fidu is one of the growing number of Chinese players in Dubai property market. According to consultancy Knight Frank, the Chinese ranked as the 4th most active real estate investors in the first half of 2017. Interestingly, Chinese contractors feature among the top 5 contractors in the UAE. The consultancy also estimates that Chinese contractors will account for 6% of all contracts between 2018-2020 in the Emirates.
The new regional offices at Emmar Square Downtown, spans over 8000 square feet. Its 40-odd staff and agents are a happy mix of various nationalities, carefully handpicked to serve Dubai’s cosmopolitan residents. More agents are expected to come on board as demand rises.
Commenting on the inauguration, Zhang Zunlong, Chief Operating Officer of Fidu Properties said, “The name Fidu Properties is no newcomer to the UAE, having attracted over AED 780 million in investments in the Emirates over the past 2 years. Fidu is a key player in both the Chinese and Hong Kong property market. We are known for our skills at creating opportunities combined with innovative thinking. The property market here can certainly gain from the new Asian dimension that Fidu brings.”
He added: “I am delighted at the opening of this office. It represents a launching pad for the company in this region and we hope to utilise our excellent track record in brokerage and facilities management for the benefit of stakeholders. We are here for the long haul and have set our sights on the future.
Recent reports estimate that more than 8,000 real estate transactions were completed by Chinese in just two years. So it comes as no surprise that Dubai developers have identified China as a sizeable target buyers and roughly a quarter of those transactions, to the value of over Dirhams 3 billion, took effect in the past for joint ventures, encouraged by focused marketing efforts at exhibitions in China.
Fidu’s Dubai office coincides with its prominent participation in Expo 2020 in Dubai where it will showcase its ‘Belt & Road’ initiative as well as its latest technologies. Ni Jian, the Chinese Ambassador considers the UAE as an important hub on the Belt & Road route and recently underlined the very enduring relationship between China and the UAE. Already the two countries collaborate comprehensively in several sectors including economic, cultural and educational. Hence, it comes as no surprise that trade between China and UAE touched $41 billion in 2017.
Fidu’s new presence in Dubai is significant in the sense that it is ‘on the spot’ to explore opportunities and integrate with investors and buyers. It is aware that Dubai offers lucrative investment opportunities and return on investment, which augurs well for the future. Armed with its valuable experience in China and Hong Kong, the company believes it can benefit from the both the opportunities and the attractive incentives for investors in this country. It is already working on some significant contracts in the country.