Tanmiyat Group, the Saudi-based master developer who is involved in projects in Dubailand, Business Bay and Dubai Marina, has said it is still committed to investment and growth in Dubai, a company executive told
"We believe in Dubai. There is no alternative to Dubai in the region," Dr Rasim Kaan Aytogu, group executive director at Tanmiyat, told
in an interview.
"It is just a correction in the market," he said of the current downturn in the market in the emirates.
"Dubai [has] very important potential for further investment," he added, saying that Dubai was still a major business, financial and leisure hub for the region.
Looking to the future, Aytogu said he sees growth potential, maybe not this year, but in 2011 or 2012.
Last year, Tanmiyat said that 70 percent of investors at its $735m Living Legends project in Dubailand were satisfied with the revamp of the company's customer relations policies, while the remaining 30 percent were in negotiations to resolve any ongoing issues.
The changes in policy included offering clients a variety of payment solutions and regular project updates. The new payment schedule offered home owners a payment plan benchmarked against construction milestones.
The developer also said it was providing eligible customers with a number of compensation plans that include property consolidation arrangements and price rationalisation, involving the discounting of prices of properties
bought during inflation. (Reuters)For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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