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A Prominent UAE Business Man Lists The Reasons He Dislikes Bloomberg Titles
A recent article by Bloomberg caught the attention of a Dubai business magnate, for the title’s blatant negative editorial slant.
The sensational title “Dubai Faces a ‘Disaster’ From Overbuilding, Top Developer Says” was published by the business publication on Monday.
It’s worth noting, the article quotes Hussain Sajwani, Chairman of Damac, who is calling for a freeze, or a reduction in property supply, for a year or two. Mr Sajwani comments were related to supply and demand, while Bloomberg zoned in on one word, ‘disaster’ and related it to Dubai real estate as a whole.
Not impressed with the title, Khalaf al Habtoor, Founding Chairman of the Al Habtoor Group jumped in, showing another side of the story
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PODCAST: This Company Offers Innovative Community Service Expeditions Across Africa, Asia, Europe And Latin America1. I disagree with the gloomy titles that #Bloomberg @business uses in describing #Dubai’s economy. Things are not as easy, but Dubai’s real estate market still offers a great value to investors and we’ve seen great signs of improvement this year. https://t.co/jp9HlkaoVs
— Khalaf Ahmad Al Habtoor (@KhalafAlHabtoor) October 27, 2019
He goes on to detail his own personal experience and beliefs regarding the current construction climate
“We choose to retain our real estate developments for the purpose of leasing because we believe in the value of well-located quality-built real estate, and its appeal to investors. We run at an average of 95% occupancy in all our real estate”.
On Mr Sajwani’s comments, he notes, the Damac CEO “is playing an essential role in the overflow of Dubai’s real estate, he should not complain about competitors. Dubai’s government has implemented restrictions to gov. developers, giving private companies across all sectors priority and the opportunity to grow.”
“My trust in the Dubai real estate market is solid”
4. Evidently, my trust in the #Dubai real estate market is solid. There is still a huge appetite for high-quality real estate, well-managed private companies will emerge unscathed.
With some re-evaluation of their plans, Dubai large companies like #Damac will continue to do well.— Khalaf Ahmad Al Habtoor (@KhalafAlHabtoor) October 27, 2019
Finally, Habtoor concedes that there have been issues with delivery, which he hopes can be rectified
5. The most important thing to any investor is timely delivery, as they want to see return on their investment sooner than later.
Unfortunately, we have seen delays in delivery to buyers from major developers in #Dubai. I hope serious measures are taken to fix this issue.— Khalaf Ahmad Al Habtoor (@KhalafAlHabtoor) October 27, 2019
Read the original Bloomberg article here
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