Zirve Eki - ISTANBUL REstate

to investors brought. What Dubai government has shown is that
a lot of dynamics where they can be flexible and cater to the
requirements of the investors and the markets very easily. Hence
we see a lot of foreign direct investment and a lot of internal
money coming back to the country and being invested in different
locations. And you know, what I can see and what I can tell my
experience in the development and real estate market in Dubai
is amazing. We see a lot of different types of properties where
we only had villas for locals. We see multi-storey towers and
sophisticated shopping malls where we had only normal souks
and air conditions and we had only very primitive facilities in
terms of real estate. The change is tremendous and I believe we
in Dubai had no option except to develop and continue developing
everything to attract people and to be an attraction point. All
wait for something, a miracle to happen. But that was not our
choice. So the government and the private sector has chosen to
really work hard and you see the achievements before and after.
It is very obvious I think.
Oturum Baflkan› : Ahmet Kayhan
Thanks AlJassim. Okay, I am gonna a little bit playing devil's advocate as well. I was in a conference in London in 2009,
around like April-May, and there was a Dubai time link, in an announcement coming in, right? And I raised my hand
said I was the only one from Dubai and when I said I am based in Dubai, everybody started laughing because Dubai
was becoming a symbol of the global crisis right after that, right? But you found that there is something else into that.
It is not the symbol, it is more like the model around that. But can you tell us, you and Marwan, starting in 2008, right,
the downward momentum. We went up and up and up and there are headlines and limit is gone, the sky is the limit,
right? What happened really that kicked all our hopes back? Down to the levels of the earth and what was that speed
that cracking down developers, cracking down the bankers, cracking down the investors, even the government.
Marwan Bin Ghulaita: See, if I am biased about Dubai and I
should be, I would always talk about only tall buildings, metro,
shopping malls, island, but this is not that true story about Dubai
as they said. And this is not the first crisis that Dubai will face or
anywhere in the world will face. The most city that get hit by the
media, negative media, especially was Dubai because everybody
was looking for Dubai as a model and when the international crisis
happened, everybody start beckoning Dubai and it was a hot topic
in the newspapers. If you don't read anything about Dubai in the
newspaper it will not be a new news for you. But the thing is, look
out of this way. Within a region today if you look at the whole
region in the middle east, Dubai is the destination as we said and
it did brand itself to be the destination for everybody to come, not
only as an Emirates airline or as a tourism hub. Starting witg the
IFC, the financial district, the banking district. So all these things
based on the vision of His Highness to start a city in the middle,
if you look at the countries around us with all the political situations
that is happening, and you can establish a hub where everybody
can get along. And all those international multi company can come
and base themselves there because of the fundamentals is there
and the environment is good to start your business. This is the
challenge. And this is the vision of Dubai. We can raise this way
that we are a centralized hub for trade and with the vision of His
Highness, we'll be a global city that gather everybody. There is a
famous thing said. "when a crisis will happen or there is a storm
will happen, only the long syndromes of something will be hit" If
we state like the other neighbors or the other region country, the
crisis will come without affecting us. But because we are ahead
of the game, it is like somebody is walking on the ice and he is in
the ahead of everybody, he will get the most hit. But because we
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believe in the vision that we are doing as we keep continue going.
If you look at Dubai today with the crisis happening internationally,
nobody will be able to build the tallest building in the world. Because
nobody going to lend you a money anyway. But Dubai achieved
that in a timing schedule base to do so. The infrastructure that
Dubai government have spent during the last 10-15 years is huge
and tremendous. Today, if you look around you, you will not find
the same infrastructure level and project that happen in Dubai all
around the region. So when, as they said, when the people believes
in the leaders, believe in the vision, all this foreign direct investment
will come, keep coming. The people who are familiar with Dubai,
maybe they remember 2007 and 2006 where people used to stand
in cues just to buy one unit of land. And this is because of that. I
don't think it is because of only make an extra money, it is because
the belief in the city and they want to be a part of it. But, without
regulation, without a proper plan, speculators come for extra money
and this what is happen in the market. When you know, regulate
speculators and you need them and any development you need
speculator. But you need them a certain level.
Ahmet Kayhan: So deep and fast growth was mainly because
of the speculators.
Marwan Bin Ghulaita: it was mainly from speculators. I have
been a regulator of Dubai for the past 2.5 years now. I meet people
from all over the world. They still believe in the city and they still
need real estate to be completed. And this is the people that keep
us growing. And everyday you see a new family ismoving to Dubai.
You see a new business establishing in Dubai. When I look at the
crisis, I take it as an advantage for us. Number one, as the regulator
to give me time to put more laws and regulation and clean the
things. Number two, anybody who does not believe in the city or