Dubai Properties Looks Overseas For GrowthTuesday, September 09, 2008
The property market slowdown in Europe and the US has helped the market in Dubai, according to a senior executive of Dubai Properties. Investors are always looking for places where they can have high returns and the Dubai market fulfils that. So it worked in our favour," Yaqoob Al Zarouni, deputy chief executive officer of Dubai Properties, told Gulf News in an interview in Paris. Al Zarouni was in Paris to promote the company's latest mixed-use development in Dubai, Babil, to foreign investors.
He said investing in Dubai's real estate gives investors the option to sell their units at a "neat profit" any time they want to get out of it. Speaking about the company's source of funds, Al Zarouni said: "The funds come from within. We have the money and we utilise it. Al Zarouni said Dubai Properties is now a zero-debt company, having started its operations four years ago with zero working capital. "However, as we grow our operations, debt is one of the options we are considering when it comes to expansion - local and overseas.Source: Gulf News