By Tom Arnold
EXCLUSIVE: Indian subcontinent offers 'glorious opportunity' says company chief.
The group chief executive officer of Dubai Properties Group has confirmed the company hopes to expand its development projects into India.
Mohamed Binbrek said it was too early to say whether the scheme would be residential, commercial or mixed-use but he said the project would be funded by the firm itself.
“The immediate focus is Dubai and if we are looking at international expansion the Indian subcontinent gives us a glorious opportunity,” he told Arabian Business on Tuesday.
He said he believed Dubai was more immune to the impact of the credit squeeze than the international market.
“Only around five percent of projects in Dubai that are in the public arena are being financed by banks, 95 percent are people putting their own cash in - we don’t have the magnitude of the problem.
"The credit squeeze can have an affect in terms of sentiment but not on financial implications in terms of people having the purchasing power or confidence in the market.”
He said Dubai Properties had no intention to launch an IPO to fund any future projects but any decision would be made by Dubai Holding.
Binbrek was speaking to Arabian Business after the firm announced the official market launch of Dubai Asset Management, its asset and community management subsidiary.
Dubai Asset Management’s five subsidiaries – Dubai Security Group, Dubai Community Ventures, Baabel life, Enmaa Consultancy and IDAMA Facility Services – will operate as independent business units.
IDAMA plans to have 25 percent of the market share of the UAE’s facilities management market by 2013, a share valued at three billion dirhams ($800 million.
It wants to expand its current customer base of over 200 blue chip companies.
It provides management of services for TECOM Investments, which owns and operates free trade zones, Dubai International Financial Centre, Dubai Healthcare City, Jumeirah Beach Residence as well as regional and multinational companies including Goldman Sachs, Dubai TV and Daman Investments.
Billy Daly, chief executive officer of Dubai Asset Management, said: “Dubai Asset Management is a client-based company that focuses on the well-being of our communities, developing strong relationships with our associates and delivering sustainable solutions to master developers, investors and property owners.”