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Dubai is in denial, or is it?
Country: Dubai, United Arab Emirates
24 November 2008
A number of Dubai-based companies are in “denial” to the impact that the global financial crisis is having on the emirate, according to the CEO of Depa, one of the world’s largest interior contractors who are based in Dubai,
Speaking on future Dubai growth at the Nasdaq OMX Investor Conference, Mohannad Sweid said; "We are at the denial stage where lots of developers know for a fact that their [property] projects should be cancelled and they're either not announcing it or they're saying it's going to be delayed,"
"We cannot deny the effect [the crisis] has been having, we are a part of this world and I believe it's just not right to say we haven't seen any impact," he added.
However, one of Dubai's top property bosses, Mohamed Ali Alabbar, chief executive of Emaar Properties, says that Dubai has just $80bn (£54bn) of debt outstanding against a total asset base of $1.3 trillion.
Alabbar, who is also a member of Dubai's executive council, says that he announced the figures to end "international speculation" that the country is buckling under its leverage.
Speaking at the Dubai International Financial Centre (DIFC) Week, Mr Alabbar said: "I can state categorically the government can and will meet all of its obligations going forward and I have no doubt about this country's future.
"And if and when a crisis arises in one of our afflilated companies, will the government help? Yes we will."
Browse other Dubai property news stories, read articles about investing and buying property in Dubai or view our range of property in Dubai.
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