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Mon 29 Nov 2010 10:40 AM

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'Dubai will never stop taking risk' - Emaar chief

Mohamed Alabbar says taking risk is in 'the spirit' of the emirate of Dubai.

'Dubai will never stop taking risk' - Emaar chief

“Dubai will never stop taking risk,” Emaar chairman Mohamed Alabbar, creator of the world’s tallest tower, told delegates at the 3 Arabian Business Forum in Dubai on Monday.

“We will continue to take risk… It is the spirit of the city that we will continue to take risk,” Alabbar added, speaking in the Armani Hotel in Emaar's Burj Khalifa.

While pointing out that the word risk means prosperity in Arabic, the Dubai-based master developer said he believed the key for future growth was “absolute efficiency” in its operations.

Earlier this month, Alabbar said the oversupply in the emirate would take 20 months to clear. However, he told conference delegates he believed the Dubai real estate market has “bottomed out without a doubt” and he is optimistic about the future.

“We are optimistic that we are starting a cycle of growth,” he added.

Click here to read our blog from the 3rd Arabian Business Economic Forum