The chairman of Emaar Properties, Dubai’s largest developer, has ruled out any adverse impact of new mega development on Downtown Dubai, which houses Burj Khalifa and Dubai Mall, Emirates 24/7 reported.
“Cities grow… we have done Downtown Dubai and now we will participate in its growth. (We will) make sure that we look after Downtown Dubai and do something special as the city grows,” Emaar Properties Chairman Mohamed Alabbar told ‘Emirates24|7’ ruling out the possibility of any adverse impact on tourism and business in its Downtown Dubai district.
“It is such a privilege. The city of London is still the city of London… it’s growing. People develop bigger and better (projects) so I am happy that we are part of it,” he emphasized.
In October, Alabbar said property prices in Dubai were cooling down but ‘price spikes did scare him’.
“In 2013, things went crazy because supply was limited. As a long-term developer, this spike scares me. I am glad that people are saying that 'the market is cooling down', and that is healthy,” Alabbar had said.