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Article: Building a future: attitudes to property are changing fast in the Gulf states, as rapid urbanisation and oil wealth transform the physical landscape.(REAL ESTATE)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- April 20, 2007
CopyrightCOPYRIGHT 2007 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Real estate occupies a special position in the Middle East's business culture. Bricks and mortar have long been a favourite investment vehicle, a safe haven in comparison to the volatile stock markets of the region.
The rash of shopping malls in the Gulf today reflects not only soaring consumer spending but also a growing tendency to plough savings into property.
The pace of growth during the past 20 years has been phenomenal. In the 1980s, shopping malls in the Gulf accounted for only 5 million square feet of retail space. Today, this has increased to about 55 million square feet. Real estate is now the fastest growing economic sector in Saudi Arabia, ...