May 04 2012
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DPG to give details?on delayed projects
Friday, May 04, 2012
“At the end of this year we will announce when the projects held in the past will be delivered,” Khalid Al Malek told Gulf News, when asked for a status update on the company’s delayed projects.
Both the Remraam and Bay Square projects are in the delivery stage and Business Park is in the planning phase, he said.
The company’s leasing portfolio is helping its liq-uidity, he said.
Last year, the JBR attracted seven million visitors and Dubailand saw 13 million visitors, he added.
DPG is aiming for ten per cent growth in the number of visitors this year, he said.
Asked if the country’s focus on economic diversification into manufacturing and its return to core strengths will impact the importance that the real estate market had in the boom years, he said: “Real estate is the backbone of everything. Manufacturers need a factory, suppliers need offices,” he said. “Real estate as an industry is a supporting one for all others.”
Al Malek also called for support from financial institutions in regulating and backing up mortgages.
“Mortgages are crucial for the sector and it’s difficult without support to increase the appetite of mortgage companies to give more. There should be facilitation of mortgages but within laws that protect everyone’s rights and with proper regulation,” he said.
Following the Arab Spring, the UAE’s property industry has seen increased demand by investors from the countries affected by the political uprisings, he added.
Al Malek remains optimistic about the property sector, hoping for the quick return of companies such as Amlak to the market.
By Deena Kamel Yousef ?Staff Reporter
© Gulf News 2012. All rights reserved.
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