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Will restricted financing and the restoration of investor
Below: Mohammed Bin Zaal,
COO, Al Barari
confi dence continue to be a major deterrent to recovery as we
move into Q1 2010?
We do not cater to speculators, our buyers are purely home-
owners, therefore we have not been affected by this.
Is the industry becoming increasingly willing to talk more openly
and realistically about business levels and market challenges?
Yes, of course. Most businesses in the real estate sector are becoming
more open and transparent. The government is endorsing this and,
with the current financial crisis business, they have to be more open if
they want to have a chance of surviving this difficult time.
Are you networking more with your peers in 2009?
No, we are not dealing with other developers in this time of crisis,
we are working more with our clients to give them solutions to
their needs.
Is there any imminent legislation that you think will be a catalyst
to jump-start the economy from a real estate perspective?
The UAE government is continuously amending and introducing
new legislation to regulate the real estate sector – this is a very
positive commitment to further enhance confidence for the end
user as well as the investor.
Are there any specific industry expertise gaps that you have
addressed in the development of the Al Barari project?
When we started Al Barari we found that there wasn’t enough
expertise in the market, especially on the landscaping side, so we
started our own sister companies. These are Green Works, which
imports plants for the nursery; Second Nature, which deals with Does the industry - at all levels - need to become more
landscape design; and Sustainable Earth, a landscape trans parent in order to engender increased levels of investor and
construction company. In addition, we launched Wojood, our own consumer confidence?
FM division. These companies will be focused on Al Barari until Yes, absolutely. This will bring back some of the confidence that
the project is complete, but at a later stage, their services will be was lost. Legitimacy is gained through transparency.
extended to other entities.
Are investors more likely to enter a market where they know
they can deal with properly qualified professionals or is this only
a key concern out of the boom-time scenario?
In any professional market, investors need to know they can deal
with qualified professionals. What was happening in Dubai during
the ‘boom’ phase does not typically qualify, as legislation was not
quick enough to deal with that phenomenon at the time. In the
future, once the recession is over, and another ‘boom’ phase hits
Dubai, things will be very different and more professional. This is
what the government is working to achieve now.
Are you seeing increased importance being placed on proper
market research and the resulting analysis?
Yes. The recession is a time of reflection and careful preparation
for the future. Projects will be better thought-out and will cater
to a gap in the market.
What have been the major lessons for the industry moving forward?
Planning and long-term thinking. There will also be more of an
emphasis on quality.
t
PREVIEW Cityscape Dubai
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