Re-starting stalled projects is a step forward for Dubai’s future, panel discusses
Investment and development across the real estate sector for Dubai was the subject of a panel discussion at this year’s Cityscape Conference which examined how best to make the city a preferred destination to live and work in.
Support from official organisations was major part of this aim, said Duaa Dablan senior deputy director of Dubai Land Development.
She said her body had been active in revitalising stalled projects – especially when they were taken over by another company.
“We support developers, we prepare financial reports and draft agreements for take-overs” said Dablan. “We then monitor the progress.”
The panel heard how Dubai Design District was a good example of a project which had stalled and been restarted, but was now producing wealth for the city’s economy and attracting new and creative talent.
Philip Carfield-Smith, a partner at law firm Pinsent masons said the right balance needs to be struck in ensuring the right legal framework to protect investors is in place.
“Dubai is a market leader in this region,” he said. “But places like London, New York and Singapore – they have had far longer in which to make rules and regulations. So an improvement is still needed.”
Tim Rose, head of real estate for Emirates NBD Asset Management said investors looking at Dubai are focussing on the long-term, five to 10 year prospects.
“They are prepared to go through the ups and downs,” he said.