Sheikh Mohammed: Dubai is back

28/09/2010 - Dubai Investment News
Sheikh Mohammed: Dubai is back

Posted by Neil King

Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, has spoken out about his confidence in the real estate sector and construction activity in the emirate.

Speaking on Bloomberg Television's InBusiness With Margaret Brennan show as he competed in a 12-hour, 160 km endurance race at the FEI World Equestrian Games in Kentucky, Sheikh Mohammed said: "We are back. Of course we are back.

"This is a challenge. Life would be boring if there's no challenge."

He told the news source that all planned projects in Dubai will go ahead, although there could be a six-month or one-year delay.

Meanwhile, the developer of palm-tree shaped islands off Dubai's coast Nakheel PJSC, said that it has resumed construction work.

Ali Taqi, a portfolio manager at A/T Capital Management told Bloomberg: "The completion of pending real-estate projects is a sign of real-estate companies getting back on track."

He added that the announcements will provide a boost of confidence to people interested in Dubai property investment.