Schon Properties' forum looks into Dubai property's past, present and future

The event, which was attended by government representatives from Dubai's Real Estate Regulatory Authority (RERA), the Land Department as well as local dignitaries and VIPs, welcomed hundreds of professionals from local brokerage firms, fellow developers and key stakeholders, who gathered to hear a series of insightful presentations on market conditions and learn the update on industry laws.

Coming at a time when the mood in the market is distinctly uncertain, the Schon Properties event was a big step towards a positive future for the industry, based on the well-informed comments from guest speakers, who included Mr Asad Khan, Vice President and Regional Director for Shaw Groups Middle East & Asia operations; Mr Emad Farooq, Legal Council for the Land Department; Mr. Khaled Al Motawee, Trust Account Manager for RERA; and Mr. Ahmed Obidat, Financial Controller for RERA.

Opening the proceedings for the evening, Mr Tahir Husain, Chairman of Schon Properties welcomed attendees, saying:

"It has been some time since we gathered our agent network together and with the year drawing to a close and so many changing dynamics in the industry we felt it was an appropriate time to update you on the real estate sector generally, and on Schon Properties specifically. Much has happened in these last few months and now is the time for the industry to band together to create a stronger front in the face of adversity, tonight's event has been created to further facilitate an open line of communication amongst industry peers and governing bodies, in order to best achieve the goals we all seek to fulfil."

Mr Asad Khan of Shaw Group then took to the stage, and in a fascinating account of the historical trends, visionary initiatives and strategic reasons that led to the United Arab Emirates booming prosperity, he explained the fundamental strengths that will continue to see this country evolve through diversified business lines backed primarily by the Dubai's prime position as the regional trading, business and tourism hub. "People talk about Dubai being the Singapore of the Middle East, it's not only Singapore, it also the Switzerland. It is the hub for the region," Mr Khan stated.

Khan went on to add that the GCC and in particular Dubai, has all the future drivers including wealth, liquidity, smart investors, a favourable business environment and importantly, public private partnerships. GCC comparative fundamentals are unbelievably strong. Dubai is moving towards an innovation based economy, it is the most competitive business environment in the world, bar none.

Bearing good news for the longevity of the real estate sector in particular, Khan said, "You can't look at the current situation through a soda straw. Things have slowed down, but if you are a true investor you have to look at 5 years down the road, it's not a bad time right now."

Following Mr Khan's presentation, the RERA and Land Department representatives took to the stage for a question and answer session, addressing the audience on hot topics such as law number 13 and the impact of the credit crunch.

Mr. Emad Farooq, Legal Council from the Land Department, commended Schon Properties in taking the initiative to host such an event, saying, "On my way to this event I asked myself a question, how many developers are doing such events these days, and to the best of my knowledge I am not aware of any developers that at this time communicate with investors and communicate with all real estate players, I would like to thank Schon Properties for this initiative and I think they have set very good example for others."

The evening then turned celebratory, with Schon Properties handing out awards to top performing agents, including Mrs. Billi Rautenbach from Better Homes LLC and Mr. Vinay Khosla from Rakmani Real Estate for Dubai Lagoon, Mrs. Silvia Munoz from Residencia Property Consultants for the Dubai Investment Park; Mr. Pierre Kayrouz from Nordic Real Estate for Libertas; Mr. Saher Ahmed from Union Marketing Group Real Estate Brokers for Schon Business Park; Mrs. Berit Paton Reid from PRP International for The Signet; and Mrs. Reem Aridi from Royalty Real Estate for Schon Suites.

In his closing speech, Nasir Husain, Co-Chairman of Schon Properties, eloquently summed up the companies current position, saying:

"We don't harbor illusion of normalcy. We understand that we are in the eye of a global recession. However, this recession is just a speed breaker. It is not a dead-end on the road to success. We still have the fundamentals that we looked at when we invested in Dubai; A city with rich culture, heritage, business insight, opportunity for growth, legal and moral systems, and the spearheading leadership of His Highness Sheikh Mohammed Bin Rashid Al Maktoum. These fundamentals remain unaffected. And, that is all the strength we need."

"Ladies and gentlemen, my advice to you is this: Keep in mind that this downturn will end. Businesses will boom again. This is how Almighty God's system works. We have to accept it. And use it to our advantage," he ended.