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Dubai will Continue to be a Safe-haven for Gulf Capitals in 2013

Middle East : 07 December 2012

Source: Gulf News

2012 was a good year for the property sector in Dubai and this situation will continue to prevail in 2013, due to stability, economic openness, and an efficient private sector, a veteran Gulf investor said.

“Since December 2011, we anticipated the following year will be a very strong one for the properties sector,” said Ammar Shata, Executive Director and Chief Executive Officer of Al Khabeer Capital, a Saudi investment and asset management firm.

The momentum is expected to continue next year, he added in a roundtable discussion with a group of journalists in Dubai yesterday. However, the picture in 2014 is still uncertain, Shata noted.

“Our vision is based on the critical political situation in the [Gulf] region, and how Dubai is a safe-heaven to calm the concerns of the capitals in the Gulf region. Kuwaiti investors have transferred good sum of money to Dubai earlier 2012. The Egyptians did also. And now the Saudis are transferring some of their fortunes,” he said without giving any figure.

“On the Gulf level, Dubai has become the business financial centre, exactly like what Lebanon was in sixties and seventies (of the last century) for the Middle East,” Shata said.

At the same time, he said real estate investment opportunities is both the UK and the US constitute “the best assets to invest in” at present, especially after the Federal Reserve in the US (The Central Bank) has decided to keep the low interest rates until 2015.

Both western countries, he noted, are “efficiently fixing their mistakes” which surfaced with the 2008 financial crisis.

Today, Gulf investments in both US and UK are expected to return as they used to be on before 2008.

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