Two Chief Executives from major Dubai financial institutions have given opposing views on the timing of the end economic crisis. The mix messages come from Dubai based Mashreq Bank and the investment company Dubai International Capital.
Mashreq Chief Executive Abdul Aziz Al-Ghurair told reporters at the World Economic Forum in Jordan. “The head of Mashreq bank MASB.DU said on Saturday. “I feel we have reached the bottom and the worst is behind us,”
Dubai International Capital (DIC), an investment firm owned by the ruler of Dubai, said on Friday the global crisis had not hit bottom, but there were still opportunities for investing in firms with potential.
“I don’t think we are in a deep depression but we are in a serious recession that will take a few years to take through,” Chief Executive Sameer al-Ansari told Reuters.
DIC, which is owned by the ruler of Dubai and controls around $13 billion in assets, is one of the group of Gulf Arab funds and investment vehicles that have lost billions in the financial crisis through stakes in top Wall Street firms.
Nicholas Marr Director Overseas property portal Homegofast.com “The mixed messages may serve to confuse overseas property investors considering buying property in Dubai. Some buyers are seeking to make the most of Dubai relatively low prices. Our existing international real estate investors are concerned with the value of their assets, investors are seeking green shoots but these must be realistic backed by hard facts.
