Sweet dreams

New laws and regulatory control is an implied necessity when a country opens up ownership of land and property to foreigners, especially if no such laws exist in the first place.

In addition, the formation of regulatory authorities is essential to implement and govern these laws and, therefore, create a secure environment for property investment in the country.

However, in my opinion, a unified nationwide property law addressing all issues across the whole UAE would be a real incentive.

Have current financial conditions had an impact on Sweet Homes' projects?

We aren't experiencing any direct impact from the current financial conditions, mainly as we have minimum business with banks. Like all other developers, we are very cautious in making financial moves during the current financial crisis.

In line with this, we've made a decision to wait to announce a new project after weighing the economic fundamentals that would influence customers' buying decisions and the interplay of factors and variables within the property investment sector in the UAE.

Has Sweet Homes had to make any redundancies?

So far, we have not encountered the need to lay off any of our people due to the economic crisis. As I said earlier, we have very carefully planned our operations and, when you operate on a tangible plan, encounters with such eventualities are lessened on a great scale.

Do you expect the current situation to continue and what will the long-term effects be?

The economic crisis is certainly wreaking havoc through the once prosperous and tranquil global economy. The property sector is the worst affected and relief is not in near sight.

My opinion is that the current situation in the UAE real estate market will mirror the correction in the property boom in Hong Kong and, similarly, it will take years to recover and return to stable grounds.

Do you believe that developers have a responsibility to the wider community in which they develop?

The developer should play a greater role in regard to corporate social responsibility.

As a principled developer, we have been strengthening our efforts to uphold our moral responsibility towards the development of infrastructure while striking a balance between nature and our development so as to lessen the environmental impact and carbon footprint of our projects.

Would you invest in your developments with your own money?

All of our developments in themselves are my investments.

Which other developers and developments do you admire?

At Sweet Homes, we admire innovative developers who have pushed the envelope of change, such as Emaar and Nakheel. The Burj Dubai and Palm Jumeirah are also the developments that I personally hold in high regard.

What are Sweet Homes' ambitions for the future and is there a future for developers in the Middle East?

We are aiming to deliver the best of real estate developments, which means the most innovative and sustainable projects that provide outstanding investment returns to our clients.

There are endless opportunities in the Middle East, especially in the GCC region which is one of the main contenders in the global economic market.

I believe that intelligent building' is the future of the industry, and we are taking strides to be one of the first developers to implement this across our projects.

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