Event Report gif
high quality products without these necessary networks in place. With lenders growing increasingly discerning, the ability to form productive partnerships is crucial to future development. Leaders in the Middle East and Africa must join forces and form healthy collaborations to alleviate public development costs and attract modern investors.
Infrastructure and property development strategists are utilising their world-renowned ingenuity to develop novel methods for managing the consequences of the recent crisis. Today’s developers rely on leading edge alliances with internationally experienced firms to maximise project financing and continue on with their large scale plans. As
cision-makers with the strategies and services necessary to continue driving growth throughout their mega endeav- ours. The head of a leading Dubai real estate development group has called for a relaxation on visa rules to encourage greater foreign investment in the future. Currently, only six month visas are issued to expat homeowners seeking to invest in the UAE property market but recently there have been calls for that to be changed.
Now Mohammed Nimer, chief executive of MAG Group Property Development, which has a property portfolio of about AED3 billion, has said improved liquidity, greater transparency and tougher regulations would also be key to the recovery of Dubai’s real estate market.
Nimer, talking at the Infrastructure and Property Develop- ment MEA Summit at the Park Hyatt Dubai hotel, explained that relaxing visa rules to attract international investors was needed as they are still nervous following the financial crisis.‘The relaxation of visa rules is a federal issue but it needs to be consistent and investor friendly. Malaysia and Thailand lead emerging markets in encouraging interna- tional property buyers and as such this country could learn from them,’ said Nimer.
Issues of transparency and liquidity also need to be ad- dressed, he explained. ‘Improved liquidity, greater trans- parency and tougher regulations are needed more than ever to reassure and protect legitimate investors seeking a reasonable reward for a reasonable risk,’ he told his audi- ence. ‘Critical in my view from an investment perspective will be affordability, transparency, return on investment and trustworthy partners. If recent events have taught us anything it is that we must operate in an environment of complete transparency and robust regulation.
governments aim to provide a transparent and fundamen- tally sound market framework, development professionals must integrate foreign content into engineering, procure- ment and construction contracting, allying themselves with internationally-esteemed partners to promote a relia- ble image to global investors. The Infrastructure and Prop- erty Development MEA Summit 2010 provided these de-
‘But improved liquidity is also vital to recovery. Transpar- ency and regulation inspire confidence but liquidity makes sales. Mortgage facilities, registration of owners’ associa- tion, REITs entering the market can be expected to fuel transactional activity in the coming years,’ he added. gif
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2010 June GlobalIslamic Finance 69
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