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Emirates 'need 150k workers to fill new homes'

A Japanese bank has said Dubai and Abu Dhabi need to create around 150,000 jobs to generate enough buyers for newly developed property.

Nomura Holdings suggests that the next year will see an estimated 65,000 units completed in Dubai, with a further 15,000 in Abu Dhabi.

Chet Riley, an analyst for the group, said: "We estimate around 100,000 white-collar jobs at least would need to be created in Dubai and 50,000 in Abu Dhabi alone to satisfy oncoming supply."

He pointed out that this remains the case even though jobs in real estate and construction are still being cut.

Mr Riley advised the bank’s property clients that rents are expected to drop a further ten per cent, with Dubai’s vacancy rate currently at around 25 per cent.

"Capital values are stabilising in Dubai, but growth is not expected until the latter part of 2010," he added.

Earlier this month Nomura hired former Bank of England analyst Peter Westaway as its chief European economist.

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