Gulf Realty Market Poised For 2011 Revival

Property markets in the Middle East will start to recover by the beginning of 2011, according to the chief executive officer of Depa Ltd., which is fitting out the interior of the world's tallest tower in Dubai. "Slowly we will see at the beginning of 2011 or the end of 2010 the start of a good revival," Mohannad Sweid said on Wednesday in an interview in Dubai, where Depa is based. "Next year will be difficult, especially for companies that focused on one city or region." Dubai suffered a reversal among global housing markets, with prices sinking 32 per cent in the 12 months ended March 31, according to Knight Frank LLP.

In February, Dubai's government announced a $20 billion support fund to help state-affiliated companies struggling to raise cash. Saudi Arabia, Libya and Qatar account for around 5 per cent of the projects Depa is working on, Sweid said. "We want to push this to double and then push it to 15 per cent by next year," he said. Depa is building the interior of Burj Dubai, the world's tallest skyscraper. Other projects include the Dubai Metro system, which is due to open in September.