When one team has room for all players
By Peter Riddoch, CEO, DAMAC Properties
For every person who sees challenge as an obstacle, there is another person who views it as an opportunity. I would like you to include yourself in the second category. Currently, everyone is talking about the negative trend, the continued challenges in the real estate market and feeble chances of a meaningful recovery this year. Here, I suggest it is time we focus on the strengths and opportunities on offer in order to emerge from this crisis with a solid future.
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The UAE’s astute leadership and corporate players have always characterized the dexterity and vision to face challenges - and even though those challenges are now painful and new for us, this is the time to show our strength. It is time for us to instill optimism and work towards steering the UAE through the effect of global economic crisis. This is not a single person’s effort or the responsibility of the Government -- it’s for all of us to share and unite for a common mission. The word teamwork has possibly never been more poignant than it is now. We all contribute towards our country’s outlook and shaping our nation’s future. Irrespective of our cultures, nationalities, beliefs and businesses, if we work as one team with one vision we are bound to come out stronger.
The people of UAE have all that it needs to emerge stronger than before. Our tale of success has been a wonder to everyone around the globe. It has set a model for developing countries to follow. Our success is shown in the creation of Dubai as a flourishing business hub. Now is the time for us to again set an example to the world to follow.
The UAE long-term outlook is very positive and it offers a range of opportunities to investors, business and customers. The region is well positioned to emerge with an even stronger, transparent, regulated and sustainable real estate industry and the current adjustments being witnessed in the sector indicate that the industry is actually becoming healthier, which further spells opportunity in the long run.š
Logically the significance of the UAE as a lucrative market will continue to increase in the long run due to its ability to offer an extremely appealing lifestyle and excellent business opportunities. It brings together two extremely attractive elements -- the comforts of the Western world with the serenity of Arabia. The UAE will continue to remain one of the world’s best destinations for tourism, business, residential, investment and commercial purposes.
The long term potential of Dubai, coupled with the UAE’s relative financial strength, will provide a solid platform for continued infrastructure spending.
We have been constantly building up its infrastructure of transport facilities, schools, hospitals, tourism developments and other amenities to lead the country further ahead. Adding to the advantages, we have earned a reputation as one of the world's most attractive and rapidly developing leisure destinations. Subsequently, this region serves as a platform for diversity of cultures and nationalities.
Apart from learning from our past accomplishments and realising our current opportunities, we also need to consider what considerable initiatives have already been taken to alleviate the effect of crisis. The government has made concerted efforts to underpin the financial sector with liquidity, by replacing rental cap, by a rent freeze etc. Also, several other options are being considered to increase the level of mortgage finance available in the market.
While these moves have helped tackle the current conditions, further concrete measures to stabilize the market would help re-establish confidence, remove the sense of panic and pump the economy with necessary resources. Navigating our route through this market recession will help us learn and develop working methods to operate efficiently and will hopefully provide us with an early warning system in the future.
I actually believe it is true to say that we will not really be able to pinpoint the time when a recovery begins - all I know is that by the time we see the ‘signs’, the process will have probably begun as much as six months earlier. So instead of playing the waiting game, let’s keep focused on the here and now and understand that we all have a part to play on this team.
