Ghana’s Real Estate Sector Urged to Attract UAE Partners
BY YESMAN ANTOH-
NEW AFRICA BUSINESS NEWS, Accra, Ghana- GHANA’S REAL Estate sector is being urged to create strategic partnerships with counterparts in the United Arab Emirates (UAE) to tap expertise.
The oil exploring nation has some of the finest infrastructures in the world making it one of the Leading destinations for Tourists.
Tourism, Trade and Real Estate were some of the major areas the UAE invested funds from oil.
Non-oil trade between Ghana and Dubai has increased steadily in recent years to reach over USD 1.2 billion in 2018. This growth has been supported by the expansion of direct flights between the UAE and Ghana and the trade of precious metals and stones.
The Dubai Chamber in Ghana at a Roundtable in Accra opened up opportunities in the UAE that Ghanaians can take advantage of.
The Head of the Chamber, Cyril Dankwa said “increasingly, Ghanaian companies are looking abroad for growth opportunities as they aim to expand their global reach and attract foreign investment.
Dubai is one of those markets where Ghanaian businesses are looking to attract investment needed to support industry growth”.
He added that, “Dubai and Ghana share many synergies as economies that are well-diversified and focused on building strong value chains around its trade and services sectors. Real estate is a key area where Ghana and Dubai are witnessing a great deal of expansion, driven by major infrastructure projects and growing demand from investors and consumers”
“Ghana’s real estate sector is estimated to have generated $1.2 billion in gross value added in 2018, realizing 16.9% annual growth since 2013, according to recent estimates, while more investors are starting to shift their focus to the country’s hospitality, retail, and industrial segments of the market”
“On the other hand, Dubai represents a good opportunity for property investors who are keen on diversifying their portfolio and earn good returns. As much as AED USD 8.2 billion (30 billion) of the USD 44.1 billion (Dh162 billion) invested in Dubai real estate in the first half of 2018 came from overseas investors,” Dankwa said.
The roundtable feature executives from the Ghana Real Estate Association, and some major Real Estate Firms based in Accra.
BY YESMAN ANTOH, NEW AFRICA BUSINESS NEWS, BUSINESS & POLITICS, GLOBAL CORRESPONDENT