Damac chief confident of Dubai property market recovery by 2021

Hussain Sajwani was confident of the long-term attractions of Dubai and its property market. (Shutterstock)
Updated 12 November 2018
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Damac chief confident of Dubai property market recovery by 2021

DUBAI: One of the UAE’s leading property developers believes that the property market will pick up again by 2021.
Hussain Sajwani, the billionaire founder and chairman of Dubai-based Damac Properties, told a World Economic Forum meeting in the UAE that it could take “a few years” before the current phase of the property cycle reversed, boosted by foreign buyers, especially those from China.
“As you appreciate the property market is cyclical everywhere in the world — and you see a few years up, and a few years down.

“We had our chance of a (bull) market from 2012 to 2015 … Then in 2016 we started seeing some slowdown with the oil prices coming down,” he said at the WEF’s Global Future Councils gathering in Dubai.
“This year has been a difficult year and I think next year will be another difficult year. I don’t see it’s going to be better than this year. We’re in that cycle of slowdown and it will take a few years. I hope that by 2020 with the Expo coming in, more people will be coming to Dubai,” he added.
Some real estate experts have forecast a recovery to the Dubai property market next year, as the expected “Expo 2020 effect” boosts the economy.
Sajwani was confident of the long-term attractions of Dubai.

“I genuinely believe Dubai is still a hidden jewel and a lot of people around the world still want to come to Dubai and they love it,” he said.
“If we just take one country, like China, if we can attract another few million tourists from China we can get more people to come here, spend time, buy property… and retail … I would hope by the end of 2020 or 2021 we start coming out of this slowdown.”


Yemen central bank says it’s ready to supply banks with foreign currency

Updated 22 sec ago
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Yemen central bank says it’s ready to supply banks with foreign currency

  • The central bank was divided to two branches after the war started
  • The central bank almost doubled its rate last year to stabilize the economy
DUBAI: Yemen’s central bank said it is ready to supply commercial and Islamic banks with foreign currency to finance imports of goods into the country, which has been pushed to the brink of famine by a four-year war, a Yemeni news agency reported.
The central bank has split into two rival head offices, reflecting the war between the Saudi-backed government and the Iran-aligned Houthi movement, creating hold-ups and payment problems that have exacerbated an urgent humanitarian crisis.
The branch in the southern port of Aden, the seat of the internationally recognized government, issued a circular saying it was ready to sell banks foreign currency at a rate of 506 rials to the US dollar or at market rates, “whichever is lower,” state news agency Saba reported late on Monday.
It cited the statement as saying this would cover letters of credit and financing guarantees for imports of goods not covered by a $2 billion grant from Saudi Arabia to help finance imports of basic goods and petroleum products.
The United Nations says about 80 percent of the 30 million population needs some form of humanitarian assistance and two-thirds of all districts in Yemen are in a “pre-famine” state.
The rival central bank headquartered in Sanaa, the capital now held by the Houthis who control most urban centers in Yemen, did not receive any funds from the Saudi loan. An official in the Sanaa branch said last year that traders must get letters of credit in Aden.
The conflict has devastated the economy of the poorest Arabian Peninsula nation. It has cut supply routes, reduced imports and caused severe inflation. The central bank nearly doubled its interest rate late last year to stabilize the currency.