Arabtec does not see Dubai returning to heyday

Saturday, 19 September 2009 10:41 AM

Arabtec Construction does not see Dubai's construction market returning to the heyday of the emirate's property boom, giving impetus to its expansion abroad, its chief executive has said.

The Dubai-based contractor, the UAE's largest by market value, has won contracts in Saudi Arabia and Abu Dhabi so far this year as it ventured further afield to weather a property downturn in its home market.

"They talk about (the Dubai market) turning around, maybe by the middle of next year, but I don't think it will ever achieve the scale and the heights that it was at before," Arabtec Construction CEO Thomas Barry told Reuters on the sidelines of the Global Irish Economic Forum.

"We will always bid for projects in Dubai, whatever happens and however limited that may be, but our focus has shifted obviously to Abu Dhabi which has more oil money to use for development," Barry said. (Reuters)

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Posted by: Sutter Kane Monday, 28 September 2009 1:21 PM[UAE]

I'm fed up with this "feeding hand" nonsense. Seriously! Dubai managed to attract huge amounts of investment and used that money to develop a long-lasting value, which is real estate. And in process it created thousands of jobs, which doesn't seem to be sustainable. So people lost jobs, and most fled the country fearing to be jailed. Which only worsened the situation. The constructions stopped because money comes no more. Simple as that. It is a business relationship, which for sure is beneficial for everyone who chose to come work here, invest here, start a business here. There is no concept of "being thankful" in a business relationship.

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Posted by: pan Monday, 28 September 2009 12:12 PM[UAE]

Guys no genius need to say that the Dubai Real Estate buble has burst for ever. With a ethnic population of less than 15% with already free house from Government, the expts are not going to make the recovery. The high position people who spend in jail first time because of debt and no bankcuprcy law and the investors around the World who lost money because of one sided law protecting developers, they are not coming back, neither their friends.

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Posted by: Omar Monday, 28 September 2009 10:58 AM[UAE]

Of course, the real estate market will not return like before. It was just crazy!!!!!!!!!!!!!! CRazy - Crazy!!! Dubai needs to emphasize on tangibke productive industries unlike real estate - construction. Construction should be a support to long term industries rtather the other way round of Dubai!!!!!! All those construction Gurus MUST start thinking with some logic. They can not mke billions in 5 years on the expenses of poor labourers who are working day and night for few $$!

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Posted by: Marijke Sunday, 27 September 2009 4:08 PM[UAE] - Bahrain

James, after nearly 80 comments, you manage to say it all in 1 sentence. UAE need workorce to build and work in the country and they pay for it. It's as simple. Any country has expats. Neither side has to feel superior, I see a lot of arrogant and almost insulting comments here. I have to say though, that as much as I do agree that especially labour needs to be treated better, and not being tricked into high debt just to get a visa,how many people would have no work or income is they would have stayed in their country. Even I make a better salary here, live a better lifestyle. In ther end, most of the people come to the Gulf for 1 reason: Money. It's a matter of demand and supply, let's respect eachother cos we all work for our money.

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