How regional governments can support the GCC real estate sector – ZAWYA

  • Date: 08-Jul-2020
  • Source: Zawya
  • Sector:Real Estate
  • Country:GCC
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How regional governments can support the GCC real estate sector – ZAWYA

How regional governments can support the GCC real estate sector | ZAWYA MENA Edition HomeArticleHow regional governments can support the GCC real estate sector Strategy& highlights various measures and preventative action regional governments can implement to support the real estate sector and stimulate economic recovery    Zahi AwadThe dual shock of COVID-19 and lower oil prices has placed the GCC real estate sector under substantial pressure, leading to fears of bankruptcies and market collapse, according to Strategy& Middle East, part of the PwC network. To prevent further damage, governments can take measures to support existing players, and then attract investment, and facilitate tourism demand to stimulate recovery."Real estate is a major direct contributor to the economy in the region, contributing about 6% of GDP in the UAE and 7% in Saudi Arabia in 2018. Its fortunes are closely connected to other important sectors, such as construction, retail, and hospitality,“ said Ramy Sfeir, partner with Strategy&, part of the PwC network, and the leader of the Family Business, Multi-sector Investments, Real Estate and Consumer Markets practices in the Middle East. "The GCC real estate sector employs around 200,000 people while the construction industry as a whole provides more than five million