Property signs are “destroying” Dubai, DarGlobal chief executive officer Ziad El Chaar said at the Arabian Business UAE Conference, held at the Museum of the Future, last week.
“We are doing something to the city, which is very bad. And it’s mainly with real estate developers — it is on me, it is on you. We are really destroying the image of this city, with signs,” he said.
El Chaar further explained: “You look at one building, and you see 10 signs, and next to that, another building with five signs. You go on Sheikh Zayed Road and all you can see is signs and stickers. This is not the reflection of the premium city that Dubai is, and I know this is generating massive funds to the municipality.”
The DarGlobal chief advised that to tackle a situation like this, he would recommend the municipality to triple the fees for signages.
“Then most of the signages will go out and they will maintain the same income. We would, thus, maintain a proper image of the city that we all love,” he said.
Real estate investment in Dubai
At the conference, El Chaar also explained that buying property in Dubai is always a good decision.
“You can rarely make a mistake while buying property in Dubai. We, as an industry, are driven by the financial hub. Economic challenges such as inflation and other changes could impact the industry, but if individuals are looking to stay in Dubai for a long time, real estate is a good investment,” DarGlobal’s El Chaar said.
He further said that Dubai is set to undergo “unparalleled transformation” over the next 10 years. “You see, we missed last year on celebrating 20 years of the emirate’s real estate industry,” El Chaar said.
“All the big projects and masterplans have been done in 20 years of time, so you can see the rate and pace of the city’s transformation. In ten years, I envision a huge number of residents in Dubai, and a number of new businesses in Dubai. The tax-free schemes will drive these residents and businesses, especially high net-worth individuals,” he added.
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