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عكس السير
Al-Abar cites slowdown in real estate and fragile economy
According to Emirati businessman Mohammed Alabbar, founder of Emaar Properties, the real estate, hotel, and shopping mall sectors have experienced a noticeable decline due to current tensions. Real estate sales have dropped by up to 50% for some developers, hotel occupancy rates have fallen to around 60%, and shopping mall sales have decreased by approximately 15%. He confirmed that some projects might be delivered ahead of schedule and that supply chains have not faced significant delays. He expects the situation to improve within two to three months if global economic tensions ease. Alabbar urged investors to exercise caution and reduce borrowing, amid concerns that rising financing and energy costs could impact demand and investment in the coming months.
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