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Hesham Al Qassim.

When the credit crunch first hit, real estate chiefs appeared to have gone into hiding. Now, in an attempt to quash rumours and refuelinvestor confidence, Dubai’s top property bosses reveal their hopes and fears for 2009.

Hesham Al Qassim, CEO, Al Wasl and Dubai Real Estate Corporation

In 2007, the Dubai Real Estate Corporation set up asset management company, Al Wasl with the aim of placing all government real estate assets under one roof.

The agency, which runs as a commercial business, manages and develops assets in the residential, commercial, retail, leisure and entertainment and healthcare sectors.

Arabian Property asked Hesham Al Qassim, CEO of Al Wasl and Dubai Real Estate Corporation if there is a danger, now that the boom days are over, if Dubai could be left with empty developments due to an oversupply of properties and high rents as seen in the past in other emerging markets.

The CEO stressed that Dubai's real estate industry has always had the support of the Dubai Government - through the implementation of infrastructure which will ensure people continue to live and move to the Emirate.

"Dubai has moved steadily. Yes, a lot of projects have been announced but at the same time the city has looked at demand coming in from outside. The whole economy [of Dubai] didn't just enjoy the cash, cash was spent on infrastructure, the city was not just absorbing funds. Money was spent to really make it [Dubai] a sustainable city by building infrastructures such as the metro, power stations and the expansion of the airport. This all compliments what was happening in the real estate sector. If there had been only one way of selling [referring to property developments] then projects would have been sold in isolation and then it would have been a disaster," he said.

The slowdown in the real estate sector is not specific to Dubai but is a global problem that will eventually see a growth period, according to Al Qassim.

"We're going to find it [the ‘slowdown'] everywhere. We're going to see it in developed cities. We've enjoyed eight years [referring to boom years]. After the recession period there will be another curve that goes up," he says.

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