- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:56 06:10 12:26 15:53 18:37 19:52
The Chairman of Emaar Properties, Dubai’s largest developer, believes raw material prices may reach an “unimaginable” level if India’s Prime Minister Narendra Modi can put India on a faster growth track next to China.
“If Indian PM Narendra Modi can cut the bureaucratic red tape and put India on a faster growth track like China, which is already growing at a fast speed, raw material prices (steel, cement etc) will be ‘unimaginable’,” Mohamed Alabbar said in Dubai on Monday.
Emaar is the only Dubai-based company to set up a real estate development joint venture in India with MGF (Motor & General Finance) Developments Limited of India.
Since its inception in 2005, Emaar MGF has invested in real estate developments (residential, commercial, retail and hospitality sectors) with a pan-India presence.
Though other Dubai-based developers had announced mega real estate development plans in India through joint ventures, they backed out, citing to delay in getting permissions.
US-based The Blackrock, world’s largest asset manager, and the Confederation of Indian Industry, an association of Indian businessmen, have said they are optimistic that India can get to 7 per cent gross domestic product (GDP) growth in 2015 and sustain it at that level.
As for China, Goldman Sachs, a global consultancy, expects China’s 2014 GDP to grow at 7.3 per cent, while 2015 GDP forecast is at 7.1 per cent, down from 7.5 per cent.
India and China have a population of 1.25 billion and 1.36 billion, respectively, in 2013.
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