Emaar Chairman Stays Bullish on Dubai Property

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(DUBAI, UAE) - Mohamed Alabbar, CEO of Emaar Properties, used his platform as co-chairman of a prestigious summit of global financial leaders over the weekend to express confidence in the economic soundness of Dubai and real estate in Dubai.

"A majority of the investments in real estate is equity or cash-driven, unlike other markets, which are predominantly mortgage-driven. This takes out a lot of risk from the system," Alabbar said during the final plenary session of the Global Agenda Summit of the World Economic Forum.

He explained that local demand for apartments and houses remains greater than supply and comes from end users, people who need a place to live rather than investors looking for a quick profit. Moreover, Alabbar said, the Dubai Government is watching the property market carefully and is considering initiatives to boost market confidence.

"His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, inspires us to see opportunities in the face of crisis. The UAE has been one of the most alert economies in the region, and one of the first movers to address the crisis. We did not adopt a wait-and-watch attitude. We faced the challenge with an alert mind and open heart."

Alabbar said that the Government is committed to creating stronger transparency and confidence building measures. "This will also prompt us to revisit our development pipeline to ensure that demand remains robust," he added.

The Global Agenda Summit included participants from more than 68 countries. It was co-chaired by Professor Klaus Schwab, Founder and Executive Chairman of World Economic Forum, and evaluated nearly 70 world issues from the financial sector to climate change, poverty, and sustainable development. The recommendations of the Summit will be presented at the World Economic Forum in Davos, Switzerland, early next year.