Developers capacity to be reduced

Developers capacity to be reduced

by CW India Staff on Dec 1, 2008

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Rasmala Investments founder and CEO Ali Samir al Shihabi said developers capacity in terms of what they can deliver will be much reduced, as a result of the global financial crisis.

Shihabi made the distinction between the real market – projects that have broken ground, and the paper market – projects that are in the pipeline.

Shihabi’s comments place a question mark over the ability of many Dubai mega-projects to break ground, including huge swathes of Tatweer’s Dubailand, the Nakheel Harbour and Tower, and sections of Meraas’ Jumeirah Gardens, each of which are paper projects, under Shihabi’s classification.

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