Arady Launches Dubai Residential Tower
News: UAE joint venture Arady Developments has launched a new residential project in central Dubai, UAE, according to Gulf Business. The luxury tower consists of 575,000 square feet across 48 storeys and 426 apartments. It is reported to be 80% complete and forms part of the Central Park project at the Dubai International Finance Center.
BMI View: Strong retail demand and consumer spending in the UAE creates upside risks for retail space supply in the medium term, particularly supported by Dubai. As such, it is of no surprise that in the struggling commercial real estate market where retail is the most promising performer, the supply and demand dynamic is the most active of the sub-sectors.