Dubai developers "punishing themselves" by pushing more units into the market, says Egyptian billionaire - Arabianbusiness:
Egyptian billionaire Naguib Sawiris, who has investments in sectors ranging from development to telecoms and logistics, said developers in Dubai are "punishing themselves" by pushing more units into the market.
Speaking to Arabian Business, the executive chairman and CEO of investment conglomerate Orascom Investment Holding (OIH) said developers in the Gulf city need to "take a breath".
He said: “You can argue the developers are punishing themselves because they’re the ones pushing the real estate. They need to take a breath. [Dubai is] here to stay for hundreds of years. The Emirates is the best country in the whole Middle East in terms of stability, freedom, righteousness, rule of law.
“In democracy maybe no, not really in democratic terms, but people are not complaining there because their life standards have evolved to be magnificent. Life is splendid, everything is available, organised, and clean; traffic is manageable, airports are amazing, their infrastructure and IT and all software they’ve implemented is state of the art. So they should be proud of what they have created.”
Egyptian billionaire Naguib Sawiris, who has investments in sectors ranging from development to telecoms and logistics, said developers in Dubai are "punishing themselves" by pushing more units into the market.
Speaking to Arabian Business, the executive chairman and CEO of investment conglomerate Orascom Investment Holding (OIH) said developers in the Gulf city need to "take a breath".
He said: “You can argue the developers are punishing themselves because they’re the ones pushing the real estate. They need to take a breath. [Dubai is] here to stay for hundreds of years. The Emirates is the best country in the whole Middle East in terms of stability, freedom, righteousness, rule of law.
“In democracy maybe no, not really in democratic terms, but people are not complaining there because their life standards have evolved to be magnificent. Life is splendid, everything is available, organised, and clean; traffic is manageable, airports are amazing, their infrastructure and IT and all software they’ve implemented is state of the art. So they should be proud of what they have created.”
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