Aside from the usual launch of developments, sales pitches and announces, this year's Cityscape in Dubai was abuzz with one word: trust.
At the Cityscape Global Conference, for example, Marwan Ahmed Bin Ghalita, the CEO of the Real estate Regulatory Agency (Rera) – the regulatory arm of Dubai Land Department – said that while trust is back in Dubai’s property market, developers who fail to deliver promises on projects risk ruining the faith shown by investors.
“My message to the developer is this: always deliver what you promise, because trust is there in the market; we don’t want to spoil the trust,” he said. “Whatever you promised, you always need to deliver it. We as a government regulator are always watching that, but the first line of defence is you. As a developer, always deliver what you promise.”
In this edition of Inside AB, Jeremy Lawrence and Bernd Debusmann look in detail at what was said, and, more importantly, why he said it.
(Source: Arabianbusiness.com YouTube channel)