Malls - Mittwoch, März 18, 2009 18:44 - 0 Comments

What’s really happening at Dubailand?

SM Syed Khalil, group executive director, Ilyas & Mustafa Galadari Group, discusses the development of the City of Arabia project and the future of Dubailand.

What is your opinion about the market downturn?
I think there is a lot of negative publicity going around. Those projects that have already started have not been stopped; maybe there will be some kind of delay due to the economic situation, which has affected everyone, but no brakes are going to be put on Dubai’s construction market, that’s for sure.

When do you think the situation will improve?
Dubai offers a lifestyle that very few cities do and I feel confident that it will bounce back soon. But, projects won’t be announced everyday as was the case earlier. A conservative, practical and pragmatic approach will prevail. Speculators will disappear from the market and the real investors will remain. Continue…