د . إAEDSRر . س

A Prominent UAE Business Man Lists The Reasons He Dislikes Bloomberg Titles

0
Article Featured Image

A recent article by Bloomberg caught the attention of a Dubai business magnate, for the title’s blatant negative editorial slant.

The sensational title “Dubai Faces a ‘Disaster’ From Overbuilding, Top Developer Says” was published by the business publication on Monday.

It’s worth noting, the article quotes Hussain Sajwani, Chairman of Damac, who is calling for a freeze, or a reduction in property supply, for a year or two. Mr Sajwani comments were related to supply and demand, while Bloomberg zoned in on one word, ‘disaster’ and related it to Dubai real estate as a whole.

Not impressed with the title, Khalaf al Habtoor, Founding Chairman of the Al Habtoor Group jumped in, showing another side of the story

He goes on to detail his own personal experience and beliefs regarding the current construction climate

“We choose to retain our real estate developments for the purpose of leasing because we believe in the value of well-located quality-built real estate, and its appeal to investors. We run at an average of 95% occupancy in all our real estate”.

On Mr Sajwani’s comments, he notes, the Damac CEO “is playing an essential role in the overflow of Dubai’s real estate, he should not complain about competitors. Dubai’s government has implemented restrictions to gov. developers, giving private companies across all sectors priority and the opportunity to grow.”

“My trust in the Dubai real estate market is solid”

Finally, Habtoor concedes that there have been issues with delivery, which he hopes can be rectified

Read the original Bloomberg article here

You may also love

View All

Latest Podcast

Thank you for subscribing!

Your email has been added to our list.

lovindubai.com says

Do you agree to share your location with us?