Mohammed Al Abbar, Chairman of Emaar Properties, has said that the Dubai-based property developer will continue to launch new projects and properties on a regular basis.
As the UAE property market recovers and experts see a second boom in Dubai’s real estate prices, Alabbar said he’s “not worried” about another downturn in the emirate’s real estate market at this stage.
Alabbar made these comments during a plenary session titled ‘Breaking Barriers and Connecting Business’ at the ongoing Africa Global Business Forum this morning.
The Africa Global Business Forum 2013 has been organised by Dubai Chamber of Commerce & Industry and COMESA Regional Investment Agency, on May 1 and 2, 2013, in Dubai.
With an investment portfolio spanning real estate, shopping malls, hospitality and leisure, namely its iconic development Burj Khalifa; Emaar Properties is associated with luxury. Yet after 16 years of accomplishment and international growth, Emaar is not afraid to take the road less travelled. Under the leadership of Mohamed Ali Rashed Alabbar, Emaar Properties plays a pivotal role in positioning Dubai as the commercial and lifestyle hub for the region.
Outlining Emaar’s vision, Alabbar said the property company has been releasing new units “almost on a weekly basis,” and that Emaar intends to “continue launching new projects.” In addition, Alabbar said that the developer is doing all it can to control flipping of properties in the market. Flipping, or resale of off-plan properties at a higher rate to make quick gains, has been blamed for the property price crash of 2008/09.
“We are trying to control flipping,” he said, and added that, at this stage of the UAE’s real estate recovery, he is “not worried about a bubble.”
He added that after a brief hiatus, “banks have started mortgage lending” once again, and that the authorities have been undertaking concrete steps to control flipping.
“Emaar is trying to control flipping/reselling by obligating buyers to pay an additional 10 to 20 per cent of the value of the units,” he said.
However, he said that it was “natural” for some people to indulge in this exercise for short-term gains, but added that it wasn’t good for the market in the long term.
The Africa Global Business Forum highlights Dubai’s strategic role as a world-class hub for doing business with Africa. The UAE government has shown great interest in expanding business with the continent seizing opportunities available on the African continent, with an estimated $97bn in capital expenditure on the continent in the last 10 years.
The furum offers a platform to over 2,000 policy-makers and global business leaders from Africa, the GCC, Asia and Europe and beyond to discuss current challenges and business opportunities in finance, agribusiness, logistics, and trade across the economic blocs of the Common Market for Eastern and Southern Africa (COMESA), the East African Community (EAC), the South African Development Community (SADC), the Indian Ocean Commission (IOC), the Economic Community of West African States (ECOWAS), Economic Community of Central African States (ECCAS), Intergovernmental Authority for Development (IGAD) and the African Union (AU).
With the global business environment in rapid change, opportunities are opening up in new and developing economies, namely in Africa. Indeed, with a population of over 1 billion people and a combined GDP of close to US$2 trillion, Africa’s strong economic growth in recent years has made it a region of international focus and interest by many businesses that are flocking to the region for its multitude of economic prospects.
The Africa Global Business Forum 2013 provides delegates with access to engaging sessions in which they have the opportunity to exchange with high-level speakers as well as a large array of networking opportunities which can be taken forward in the designated Meeting Zones. The Forum also gives a flavour to what the African continent has to offer to its residents and visitors in terms of investments and tourism via the designated Tourism and African Investment Promotion Agency Zones, where a selection of African countries will display their main attractions, facilities and business opportunities.
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