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Is there any new legislation that you would like to see brought Facing page: Banyan Tree Al Wadi Resort; Bab Al Bahr
into play to benefit the industry?
Below left: Al Marjan Island
Below right: Ghassan Youssef, Managing Director, Rakeen
A law that obliges banks to provide adequate mortgage facilities,
at affordable rates, provided of course that certain guarantee
requirements and mechanisms are in place.
What have been the biggest landmarks for Rakeen so far this year? Are you networking more with your peers in 2009?
Continuing our construction of the Bab Al Bahr and Banyan Tree Rakeen is constantly keeping tabs on market evolution and
Al Wadi Resort projects as well as the infrastructure on Al Marjan openly shares ideas with its peers. If we all work together we can
Island despite the crisis; proving that Rakeen is here to stay and improve the UAE real estate market’s reputation.
well-equipped to weather any storm. People lost faith in the real
estate market; our challenge is to win back investor and client Does the industry - at all levels - need to become more open and
trust, which we do by showing that we are still building, and by transparent?
talking to our investors and trying to find payment solutions The real estate market has changed from a supplier to a consumer
together. The second challenge is to aid the buyer either by market. Consumers now have rights, which they did not have
finding attractive financing for our investors or by adding value to before, like negotiating sales prices and rents, which previously
the investment through creative revenue streams that will aid were dictated by the industry; and today’s UAE consumers are
their cash flow. more knowledgeable about real estate. This all needs to be taken
into consideration in today’s approach towards the consumer;
Have you had to adjust any key elements of your master plan quality, transparency, communication, service, synergies,
due to the current economic climate? reasonable prices and value for money are the main criteria for
Our developments are designed in line with the requirements of confidence and buying decisions for a sustainable future.
the communities we build in, respecting the cultural environment
and natural habitat, whilst respecting the economic climate; we Outside of the UAE, which Middle East destinations do you
did however put a focus on completing current projects rather believe will be strong future growth markets?
than starting to construct new projects. KSA due to its undiminished demand for housing space; North
Africa/wider Middle East for untapped potential in Egypt, Syria and
Is the industry becoming increasingly willing to talk more Jordan; Qatar due to its resource wealth and recent development
realistically about business levels and economic challenges? program; the Indian subcontinent for affordable housing.
The industry has recognised that this is the way it should be;
transparency is key and, speculators aside, today’s investors Have you benchmarked your developments against those in
who might have been saving most of their lives to be able to other markets?
afford a property, deserve full and straightforward information. Rakeen’s developments are iconic landmark projects, which are
The UAE real estate industry is on its way to becoming a mature unique not only in their outstanding design, but also in their
market, and transparency is one crucial step on the way there. concept of smoothly blending in with the existing surroundings,
preserving the habitat and environment and respecting the local
culture and peculiarities. Each of our developments are unique
and special, and enrich and add value to community prosperity by
delivering something great that is not yet available, and that our
due diligence showed major demand for. Despite this it would not
be prudent of us if we did not benchmark our projects to ensure
buyer demand. We are a developer with heart, mind, vision and
personality, and our developments reflect our approach of
adding value to the communities we build in, of being unique in
our architectural designs, of creating landmarks, of creating a
sustainable future and of acting as environmental stewards.
What will be the major lessons for the industry moving forward?
Not to take success and growth for granted and guaranteed
without limits; to have sound strategies in place to weather
storms, not only sunshine; that long-term stability and genuine
development are better guarantors for success than speculation;
that it is our responsibility to develop this country rather than
exploiting it. We need to keep the bigger picture in mind for a
healthy growth and sustainable future of this country, which
deserves our utmost effort and gratitude for giving us the
chance to grow in and with it.
t
PREVIEW Cityscape Dubai
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