'Anyone competing with Dubai will fail'

Sheikh Maktoum Hasher Al Maktoum, CEO of Al Fajer Properties and a member of the Dubai ruling family, has said Dubai’s future success is not up for debate, it has been reported.

Sheikh Maktoum has been quoted as saying: “Anyone who tries to compete with Dubai will fail. Instead cities/countries should focus on what their core strengths are. Even though imitation is the greatest form of flattery, it is never as successful as the original masterpiece,” at an economic forum on Monday.

“Abu Dhabi is approaching this in a very intelligent way, by focusing on culture, education, museums, major infrastructure and renewable energy. It has excelled in its plans, which is highly, highly commendable,” Sheikh Maktoum said, according to a report by Arabian Business.

“Dubai was created because of a vacuum in this region. Why do people go to London and not Paris – London has been that hub for a long time. Dubai has been a leader and will remain a leader in its specific fields of trade, tourism, hospitality and will continue to be a favoured base for large multinationals operating in Asia and Africa,” he was quoted.

He admitted that the slowdown hasn’t been easy for anyone in Dubai property, even Al Fajer Properties, which he said had seen a high default rate on some of its buildings.

“We shifted our customers from five buildings into 2.5 buildings – which means cheaper service charges for everyone,” he said.” The other two buildings, we’re looking at shutting them down until someone buys us out,” the website reported.

Print Email