Western media has overplayed Dubai crisis

19/03/2010 - Dubai Investment News
Western media has overplayed Dubai crisis

Posted by Bob Brunskill

The western media has blown the financial woes of Dubai out or proportion, it has been claimed.

According to Santhosh Joseph, president of Dubai Pearl, a developer which has recently revived a $4 billion construction project, said that the state's property sector weakness had been exaggerated by people with little or no first-hand experience of the market.

Speaking to Reuters at the MIPIM real estate trade fair in Cannes, Mr Joseph said: "My firm belief is that the same people who are talking down Dubai will be among the first people to come back."

He added: "I believe that by 2012, the troubles of 2009 will be forgotten. It is a young city, and like a young human being, it must suffer growing pains."

Mr Joseph claimed that the "build it and they will come" attitude has worked for the city for the past 40 years so it was unlikely to stop working.

According to UK minister for trade Lord Davies, Dubai is a natural investment hub for the Middle East.ADNFCR-2019-ID-19679535-ADNFCR