“I believe we will soon see the bottom of the current crisis but if we are to avoid a recovery like the boom and bust cycle of the recent past, Dubai must return to the basics which first put it on the map,” said Mohammed Nimer, CEO of mid-market development company MAG Group Properties.
“Dubai was hugely successful before the real estate bubble,” said the boss of a company with AED3 billion worth of construction projects in the United Arab Emirates. “As the Arabian Gulf’s most globalised economy, Dubai’s existence has been driven by its power to attract foreign direct investment and the resources necessary to make it work.
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this will be what saves dubai. too many people have called the end of the place while forgetting that it was built on more than just real estate that previously was a small player. i also think this pop will ultimately be in dubai's benefit as the sooner you end an unsustainable business the better.
ReplyDeletethe leadership should move to put together a real crack team to get the country moving again.
I agree wholeheartedly, let's hope the crack management team comes together, as the Emirate has been poorly served by the executives of the hyper-leveraged era.
ReplyDeleteAs is said of stock markets:
"Anybody can make money in a bull market."