Buyers’ Instalment Payments and Contractors’ Dues Remain Stable
Tourism Recovery in the UAE Expected to Be Swift; Reputation Unchanged
Mohammed Alabbar, the Executive Chairman of Emaar Properties, stated that the real estate market is maintaining a strong position, with property values remaining stable.
In an interview with Sky News Arabia, he noted that the influx of property investments continues and although stock prices have seen a decrease, the overall demand remains robust.
Alabbar highlighted that cash flows for real estate companies, along with buyers’ instalment payments (for off-plan properties), and the fulfillment of contractors’ and banks’ dues, are still in a healthy and stable condition. He pointed out that these firms are closely monitoring these metrics, underlining that development companies currently enjoy strong financial positions after a period of exceptional performance over the recent years.
He mentioned that prior to the conflict, Dubai Mall attracted around 250,000 visitors daily, whereas the current number stands at approximately 180,000, indicating a solid situation.
Alabbar emphasized that the impact on the tourism sector is temporary; the fundamental principles of the economy and institutional frameworks are built for the long term and are capable of withstanding shocks. He also remarked that the path back to normalcy will be swift in the UAE, and the country’s reputation remains intact.
He stated that the UAE benefits from a strong economy that is adept at adapting to crises. The recent challenges have reaffirmed the nation’s stability and security, and he anticipates a robust recovery phase following the crisis, which he expressed hope would conclude soon.