‘Brand Dubai has suffered in the last few months due to negative rumours, gossip and speculation – which prompts me to reject the cynicism by looking ahead into the future of the property market in Dubai and talk about the recovery process. We have to talk about taming the current situation with our positive attitude towards the change… we need to lead by example….’, said Hussain Sajwani, Chairman of DAMAC Properties, one of the Middle East’s largest private real estate developers.
Mr Sajwani believes that perpetuating a negative attitude will not help the market recover and that in fact all the continued pessimistic talk is equally as destructive as the financial turmoil itself.
“I have heard all kinds of rumours about DAMAC,’ commented Mr Sajwani. ‘We have adapted our business to meet the challenges that exist at the moment and we have had to take a long hard look at our efficiency rates and our longer term projections and targets. The corrective measures we have taken have been prompted by viewing the road ahead. We are a successful company – and I do not feel that I should refrain from talking positively about the future.’
DAMAC has announced that in 2009 it will award AED2billion worth of contracts for construction work to continue. The company has committed to handover more than 7,100 units by the end of next year and is well on target to deliver this. So far this year DAMAC has delivered more than 800 homes at The Crescent at IMPZ, a further 536 units at LakeView at JLT and in 2008, DAMAC completed its developments at Lake Terrace (571 units), Executive Heights at TECOM (192 units) and Terra Del Sol at Discovery Gardens (198 units). In 2009 the company will complete Smart Heights, its second commercial building at TECOM, along with four low rise complexes at Emirates Gardens in Jumeirah Village South.
With its flagship project, Ocean Heights at Dubai Marina, about to hit 50 floors and its project at DIFC, Park Towers, nearly 40 per cent complete, by 2011 DAMAC Properties will have delivered 25 towers
“No-one is pretending that these times are easy – we have had to alter our plans and change the way that we do business but we have tried to meet these challenges in the best way we can,’’ he said.
“The progress we are making at these sites speaks for itself and I firmly believe the fact that we made early decisions is what is enabling us to continue to move forward in this manner. There are other companies who are still facing those dilemmas. We were criticised by some for making what seemed harsh choices but in making these tough decisions we have gone a long way to protecting the future of the company – so when good times return to Dubai, we will still be ready, waiting and able to do business.
‘In the meantime our focus must remain firmly on delivery - we will continue to concentrate on those developments where construction is already under way. We will also monitor the market for the right time to revisit those projects which we had announced but not yet started,’ explained Mr Sajwani.
In fact planning for the future is at the forefront of Mr Sajwani’s mind - he is determined to look ahead to the prospect of brighter times. “I know that the market will not improve overnight but equally I know that there are people who want to invest now that prices are falling and quite frankly they would be wise to do so…….it’s all about planning for the upturn during the downturn,” he added.
“We need to ride out these tough times with the promise of a better tomorrow. It is time to start the recovery process and positive thinking is the core of this process.... it may be longer and more painful than we would like but we all know the saying about ‘no pain, no gain’…..I say it’s time to deal with the negative by focusing on the positive…’
