Dubai Landlord Sees Budget Rethinks as `Tough' Period Ahead - Bloomberg Business

Dubai Landlord Sees Budget Rethinks as `Tough' Period Ahead - Bloomberg Business:

"Dubai’s biggest landlord has a message for the city’s developers: get ready to rethink your budgets and building plans repeatedly this year or be engulfed by a topsy-turvy market.
Companies need to be “more agile to sustain their businesses and survive the tough period ahead,” said Hesham Al Qassim, chief executive officer of the state’s Wasl Asset Management and vice chairman of Dubai’s largest lender, Emirates NBD PJSC. “Those who are mindful of the reality around them will manage, but those who stretch themselves with billions worth of projects won’t.”
Dubai’s property market was buffeted last year by falling oil prices, rising political tension in the region and slowing economic growth from China to Brazil, all trends that are set to continue in 2016. Real estate developers, whose projects can take two to four years to build, may see their markets change several times over that period."



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