all Real Estate Industry News Archives

Dubai Announces Innovative Retirement Program for those Over 55 Years Old

SCP’s The Growth Monitor

Dubai is known for its innovative economic development programs, and with its announced retirement program it has again matched its reputation. Retiring in Dubai can be an attractive proposition for many given the city’s open-door policy, tolerance, and quality of life. This particularly economic development strategy successfully leverages existing regional assets with a new target market (retirees).

“Retire in Dubai,” the first of its kind in the GCC region, is being spearheaded by Dubai Tourism in collaboration with the General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai). Dubai’s program is focused upon resident expatriates and foreigners over the age of 55 who are seeking to retire. Eligible applicants will be provided a retirement visa, renewable every five years, provided they can meet one of three financial requirements for eligibility. The eligibility can be based on either a minimum monthly income, savings, or the value of the Dubai owned property.

More details about the program were detailed in an Arabian Business article of September 3, 2020: Dubai launches retirement programme for over-55s.

Destination Meetings are Starting to Occur Again; Some Lessons Learned

03.09.2020 Covid-19 impacts and recovery, Economic Development Growth Monitor, News about hotels and destination resorts

SCP’s The Growth Monitor

Several large conferences, as well as smaller meetings and events, have taken place around the country in a kind of “test case” scenario, according to the online resource BizBash. Each of the events described by BizBash were successfully produced and with no follow-on COVID-19 cases reported. Of course, each of the gatherings took place with intense safety measures in place.

These recent events are extremely helpful to economic development professionals around the U.S. and around the world. Most metro areas count on the meetings industry and its ancillary hotels and resorts, transportation, F&B, and off-site activities, to provide local employment and tax revenues.

Professional meeting planners are quickly adapting and embracing safe meeting practices, and taking advantage of emerging “lessons learned” from first efforts. With this backdrop we believe that metro areas accustomed to hosting destination meetings, re-starting this important economic activity is possible.

The BizBash article is a must-read for anyone wanting confidence to get their event scheduling underway. The September 2, 2020 post at BizBash.com is available here: Meetings Are Still Happening Around the Country. Here’s What They Look Like.

Retailer bankruptcies and store closings.

Peer-to-Peer Rental Fashion is Taking on “Fast Fashion”

02.09.2020 Consumer Products Fresh Monitor

AEC’s Consumer Products Monitor

Women’s Wear Daily reports that so called “peer-to-peer rental fashion” platforms are realizing all-time revenues. By taking the consumer interest to a peer-to-peer format, these new players provide an alternative to traditional consumerism, and expensive inventories. In particular, an alternative to “fast fashion” apparel where the whole point is relatively inexpensive “current” replacements of a consumer’s apparel, to be replaced as soon as next looks roll into stores. Peer-to-peer as an “antidote” to the Forever 21 model.

During Copenhagen Fashion Week, Ganni (designer fashions) unveiled plans to expand its rental strategy across Europe and the U.S. and debut a rental-only Levi’s 501 jeans and denim shirts platform. The rental platform Hurr is partnering with Selfridges in an in-store program, as part of Selfridges’ company-wide “Project Earth” initiative.

Read more at Women’s Wear Daily: Will the Rental Market Replace Fast Fashion?

DCT Abu Dhabi has Plans for “Safe Zone” Areas to Host Visitor Events

31.08.2020 Economic Development Growth Monitor

SCP’s The Growth Monitor

Encouraged by the success of UFC Fight Island, the Department of Culture and Tourism (DCT Abu Dhabi) is planning a “safe zone” strategy for hosting visitor events. The Ultimate Fighting Championship (UFC) event at Yas Island was a success for Abu Dhabi, which provided for a “safe zone” that hosted approximately 2,500 people over five weeks on Yas Island.

The safe zone program may be an approach for other visitor destinations looking to revitalize their tourism industries. Las Vegas may have some suitable properties if not areas of The Strip where this could be workable; at this time Las Vegas is seeking to recover with virtually no convention-related business. A tall order.

A helpful overview of the tourism strategy was provided by Arabian Business in an August 31, 2020 post.