Sultan Bin Sulayem: Dubai growth and prosperity will continue

HE refuted recent reports about a bubble forming in Dubai real estate sector and mentioned that the projects currently in progress in this sector do not yet meet the continuously growing demand for property. As for financing DP World global expansion plans, Bin Sulayem confirmed that the company has not yet made a final decision on this matter especially that there are several financing options available including initial public offering, Sukuk or the company's internal resources.

HE's comments were made in a speech during the monthly Banker's Lunch organized by Sulaiman Al Mazroui, Chief Manager Group Affairs at Emirates Bank. The banker's meeting was held at the Dubai International Financial Center and was attended by more than 90 senior bank officials representing banks operating in the UAE.

In his address HE Sultan Bin Sulayem provided an overview of the industries and businesses in which Dubai World is involved and which include the management of ports, real estate development and management, maintenance and logistic support for marine ships, and finance and investment services. HE explained that Dubai World has expanded its range of business activities in order to meet the needs of its customers. The expansion also reflects the company's desire to pursue excellence which adds value to customers. HE confirmed that Diversification, both in industry and geography, is a Dubai World objective.

HE said that Dubai World currently invests more than Dirham 30 billion in the various local and global operations and business sectors in which it is involved. This includes the investments and operations of DP World, Nakheel, Jebel Ali Free Zone Authority and Istithmar. HE mentioned that Jumeirah Island has announced plans to deliver around 700 villas to their owners before the end of the year, with more residential units in this development planned for delivery afterwards.

As for Palm Deira, HE said that land reclamation works are almost completed and the construction works are scheduled to begin soon. HE mentioned that upon completion of the project, Deira Palm will become a city on its own with a surface area of almost 45 million square meters. HE confirmed that the work on both islands was executed in record time and with remarkable quality.