In 2015 the United Nations General Assembly put forward the sustainable development goals agenda aimed to be achieved by 2030. It comprises 17 interconnected Sustainable Development Goals or SDGs designed for a better and more sustainable future.
The UAE is among the countries that have adapted the SDGs as part of their vision and strategies for the future. The UAE’s focus is SDGs that “enable access to clean energy, sufficient food at reasonable prices, quality education and healthcare, alongside creating sustainable economic growth, healthy environmental systems, and increased resource efficiency. All these issues reverberate strongly in the UAE. The UAE has also pledged to "leave no one behind" and to push the world towards a sustainable and resilient path.”
UAE’s commitment to lead the charge on SDGs has greatly impacted the real estate sector. According to Gulf Business, “Global studies have found that the construction industry contributes to almost 40 per cent of worldwide carbon emissions.” Without any doubt, the need to shift to building green has become a requisite for property developers for their projects to be on track with the country’s sustainable agenda.
While this had led to positive improvements, such as new legislation on minimum green standards, new building codes, and the use of new sustainable construction materials and waste disposal systems, there is still a need to educate developers and contractors as well as current and future property owners. The UAE’s numerous global real estate expositions allow the world to learn of and learn from the massive strides they are taking to see to its fruition the country’s future-ready strategies on how to fully integrate sustainability practices in real estate, from design, construction and eventual use.
Growing interest among buyers for net-zero and sustainable developments
The UAE’s aggressive push for green property development has put the country on the global spotlight. Not only because of the extensive investments the government has poured into the sector’s growth, but, more importantly, because of the innovations and modernization in design and construction that have emerged as a result of the mandate for imbibing SDGs.
Top of the attraction is the UAE’s strategic Net Zero by 2050, which aims to achieve net-zero emissions by the year 2050, thus “making the Emirates the first Middle East and North Africa (MENA) nation to do so,” according to the UAE’s Government portal.
The tandem of UAE’s net-zero initiative with the Dubai 2040 Urban Master Plan has successfully positioned the emirate as the prime destination for investors who seek to carve a niche for their businesses and their families in a city where global business and sustainable living co-exist in a harmoniously progressive environment. This is has led to the influx of investors into the country, individuals who seek to sink their cash into projects of the future. Reforms on visas such as the golden visa have made it easier for investors to set up and transfer their businesses into the emirate.
At every angle and with every sector - developers and contractors, business owners and investors, families and future generations - will have enormous possibilities of growth as the move to create eco-friendly prime locations is fast becoming the norm. Residential and business communities that use solar energy, water-efficient landscaping, smart technology are fast emerging in Dubai. With the city as the fearless forerunner of these kinds of developments, it is the hope that well-developed cities around the world will follow in its footsteps and adapting doable changes to create these new environments.
Gearing up to host COP 28
There seems to be no end to the efforts of the UAE government to keep itself on track in meeting its targets for sustainable living. The UAE will host the 28th session of the Conference Parties (COP 28) of the 2023 UN Climate Change Conference this November at the Expo City Dubai.
The conference aims to tackle issues that will “reduce emissions responsible for global warming and deal with the consequences of climate change, in line with the 2015 Paris Agreement, ” as reported in Alarabiya News.
To prepare the country for the conference, the UAE’s President, H.H. Sheikh Mohamed bin Zayed has declared 2023 the “Year of Sustainability”.
“As host of COP28, we are committed to fulfilling our role as a global convener and will continue to support action and innovation in the field of sustainability.”
The UAE's special envoy on climate change H.E. Dr Sultan al-Jaber furthers the vision of the UAE president by saying, “Over the last 15 years, the UAE has invested a total of $50 billion in renewable energy and clean tech globally and plans to invest another $50 billion in the years ahead.”
“We want COP28 to transform systems and accelerate 2030 trajectories through game-changing partnerships, solutions, and outcomes. We want it to be a COP of Solidarity that bridges the Global North and South, and includes public and private sectors, scientists and civil society, women and youth.”
The global event will be attended by more than 140 heads of state, senior government officials with 80,000 delegates and over 5,000 of the world’s media.
Growing value on UAE properties
With the UAE again leading the talk on sustainability, progress and innovation at a global scale with the country’s real estate sector as one of the primary shakers, this would undoubtedly increase the value of UAE properties.
The innovative designs required to deliver the country’s promise of sustainable living will spell major changes in the design and construction of these properties. Not to mention, existing properties will need to be refurbished and enhanced with eco-friendly amenities to meet net-zero targets.
It’s no longer just about living green, but also about building green.
The prospect of living, working and doing business in spaces that are probably among the world’s firsts in sustainable living will add massive value to these properties. Where these properties are right now - commanding prime value for their location, accessibility to investors and travellers and being right in the middle of global trade – their importance in driving business growth across the planet and in leading the future of living will certainly serve to cement the UAE’s place as the number spot for the elite of the elite.
The benefits of forward-thinking strategies
Dubai’s real estate sector ended 2022 on a positive note. Transactions for November recorded its highest at 46% increase, according to Property Finder. This translates to AED 240 billion, a 61% increase from the previous year.
With initiatives that increase the importance of Dubai’s real estate properties in the sustainability front, property prices will definitely mirror this positive perception. Experts forecast the industry to continue its rise in 2023, with a projected growth of 46%, as reported in the Arabian Business.
The influx of European investors and entrepreneurs will buoy the market and capital will continue to flow as more companies turn to Dubai to establish their head offices and relocate their teams.
The position of the UAE as a safe, stable yet ingenious leader not just in real estate but in business altogether will continue to attract the world’s wealthiest who seek to expand and secure their assets in the country.
