Damac chairman calls for greater transparency

Damac chairman Hussain Sajwani has published an opinion piece outlining his desire for greater transparency and calls for an end to a perceived rivalry between Dubai and Abu Dhabi.

The article says that UAE is uniquely placed by having two major influential cities that compliment each other.

“They collectively contribute to the success of UAE. While Dubai is known for its property boom, luxurious hospitality and shopping, Abu Dhabi, as the oil capital and industrial giant brings the stability and backbone to the region,” said Sajwani.

He added that both cities were “visionary, open to change and dynamic in their ‘can do’ approaches.” Sajwani also highlighted the key differences between the two cities: “Dubai has quickly adapted to the accolade of the city of the superlatives, Abu Dhabi's goal is to become one of the world's largest aluminium producers.”

He also discussed the new challenges creates by the real estate downturn seen in the region. “As we find ourselves in this challenging economic climate, I, among others, have talked about the need for greater transparency, financial reforms, increased support by governments and adopting a ‘time to act’ approach,” said Sajwani.

Damac currently has 52 projects in Dubai and four in Abu Dhabi.

Read Damac chairman Hussain Sajwani’s article