Dubai real estate to be powered by domestic demand: Emaar Chairman

Real estate in Dubai will continue with its real estate flourish as domestic demand for property far exceeds supply. Also focus of Dubai property market has shifted towards end-user market, said Mr Mohamed Alabbar, Member of the Dubai Executive Council, Chairman, Emaar Properties and Co-Chairman of the World Economic Forum's Global Agenda Summit.

Mr Mohamed Alabbar, Chairman, Emaar Properties, said: "The UAE has been one of the most alert economies in the region, and one of the first movers to address the crisis. We did not adopt a wait-and-watch attitude. We faced the challenge with an alert mind and open heart."

In response to the global financial sector turmoil, the UAE Government is injecting Dh120 billion into the country's financial system to bolster liquidity and strengthen the financial system, Mr Alabbar said, adding that the Government has also announced guarantees on customer bank deposits.