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Tue 24 Sep 2019 09:43 AM

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Expo 2020 Dubai benefits to continue long after event, says Abdulla Al Gurg

The CEO of the Easa Saleh Al Gurg Group also said that there has been a 'correction' in the real estate market

Expo 2020 Dubai benefits to continue long after event, says Abdulla Al Gurg
Abdulla Al Gurg, the general manager of the Easa Saleh Al Gurg Group (ESAG).

The benefits of Expo 2020 Dubai will continue to be felt long after the six-month event is over, according to Abdulla Al Gurg, the CEO of the Easa Saleh Al Gurg Group (ESAG).

In an interview with Arabian Business, Al Gurg said that ESAG is involved in "a lot" of Expo projects, ranging from lighting and automation on road projects to providing building supplies for Expo-related construction projects.

"The benefits will roll over," he said. "It won't have the same impact [after the event] but it will have a ripple effect of some sort."

Al Gurg compared the post-Expo possibilities to those created by other large-scale infrastructure projects such as the Palm Jumeirah and Dubai Canal.

"We probably don't see [the benefits] now, but they will materialise. We are just a bit too eager," he said. "Things we take for granted now have been finished. They might be really be considered by the public, but imagine the opportunities that they bring, like the Sheikh Zayed Bridge and all the hotels that are around."

Rents correction

Additionally, Al Gurg said that ESAG - which holds significant quantities of commercial, residential and warehousing real estate - has noticed a "correction" to the real estate market in terms of sale and rent prices.

"In the long-term, it is useful to have such corrections, because it shows we are connected to international markets," he said. "There is a way forward. In the retail market, for example, those adjustments in malls have brought back a lot of tenants. I hope that landlords will keep that in perspective next year when there is a lot of re-discussions on rents."

"We are in a situation where we need to make sure everything is balanced and not extreme," he added.

Earlier this week, a report from CORE found that Rent and sales prices continued to drop across most parts of Dubai in the third quarter of 2019.

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