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Renting In The Emirates - Expensive | Israel today

2021-01-18T01:04:45.209Z


| economy Israeli companies, like companies all over the world, are mainly interested in the free trade areas of the United Arab Emirates • In these areas the government provides a variety of benefits, including reimbursement of expenses and exemption from personal tax  Photography:  GettyImages The rent for new offices in the business center in Dubai is NIS 149-95 per square meter per month; and on the


Israeli companies, like companies all over the world, are mainly interested in the free trade areas of the United Arab Emirates • In these areas the government provides a variety of benefits, including reimbursement of expenses and exemption from personal tax 

  • Photography: 

    GettyImages

The rent for new offices in the business center in Dubai is NIS 149-95 per square meter per month; and on the other hand, the rent is NIS 136-70 per square meter per month.

The rental rates for offices in the main market in Abu Dhabi are NIS 138-123 per square meter per month and the rental prices of the free trade areas are higher and stand at NIS 169-146. The Emirates The company conducted a market survey to meet the demand of companies intending to open a representative office there. The survey shows that TECOM companies, for example, pay NIS 183-117 per square meter.

Companies like Google, Disney, Coca-Cola, Visa, Expedia and Philips Health are renting a similar price range.

In the Geval Ali area, the rent is NIS 125-90 per square meter, and among the tenants there you can find Kraft and Johnson & Johnson. At the World Trade Center, the rent is NIS 160-133 per square meter.

In the financial center in Dubai, the rent is NIS 312-133 per square meter, where you can find Citibank, Marriott and Bloomberg, for example. The giant pharmaceutical company Bayer is located in the Science Park in Dubai, where the rent ranges from NIS 105 to NIS 137 per square meter.

Dubai expects 8% growth in supply over the next three years with 800,000 square meters, and 24% of the growth is in one huge project near Dubai's marina, called Jumeria Lake Towers. Construction of an additional 500,000 square meters of offices is expected to be completed in the next three years in Abu Dabi, reflecting an increase in supply of 12%.

The two cities have several free trade zones, each designed around business categories and offering licenses to foreign-owned companies in these categories: The conditions in the free trade zones include import and export tax exemption, return on investment, corporate tax exemption, personal income tax exemption and employee assistance, sponsorship and housing.

Dubai has 25 free trade zones, and in recent years companies operating in them have been allowed to operate under the same conditions outside these zones as well.

Abu Dhabi has six more free trade zones.

VAT stands at 5%. Smadar Mikhalov, director of the international department at CBRE Israel, told Israel Today that "prices in the emirates are not low at all - similar to Tel Aviv. The test is intended, among other things, for Israeli companies interested in exploring the possibility of operating. There's a special interest in free trade zones - the easiest to enter.

Another option is through workspaces, such as WeWork and Riggs, or the local brand - servcorp.

Since the signing of the agreement we have received a flood of inquiries to invest there in the residential sector, but we see greater entrepreneurial potential for investment in offices rather than residential.

With a little patience, there is a place to develop, but only after the corona has passed. "

Source: israelhayom

All news articles on 2021-01-18

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