Podcast: Fäm to spend $200m for 'rock-solid' UAE, China growth
Fäm Properties to acquire new assets and capitalise on a period when the market "is not booming", CEO says
Chief executive officer of Fäm Properties, Firas Al Msaddi, outlines why the Dubai company is investing millions to capitalise on a period when the market "is not booming".
Fäm Properties is a UAE real estate agency sitting on an investment portfolio worth more than $544m (AED2bn).
After announcing sales of $432m (AED1.59bn) and a multi-million dirham investment for expansion, Al Msaddi spoke to Construction Week Viewpoint about his "rock-solid plan" for growth in the UAE and China.
Fäm Properties wants to invest up to $217m (AED800m) this year “to really capitalise on opportunities when the market is not booming”, Al Msaddi said.
The company invests between $81m (AED300m) and $136m (AED500m) for growth each year, and is set to raise the figure this year. Al Msaddi's plans include leveraging favourable payment plans and acquiring assets that might be harder to buy when prices are high.
Fäm Properties will also expand operations in China in 2019, and may open an office in the country this year with a team of 15 staff.
“We’re witnessing very good interest from the Chinese market,” he said. “Dubai is a new market to [Chinese investors] but it’s very interesting for many reasons. Of course, they used to invest in London, Canada, and the US. There is a lot of uncertainty now in London [due to Brexit], Canada has imposed new taxations, so it’s not valid now, and the US market has peaked out.”
Listen to the full interview with Firas Al Msaddi on Construction Week Viewpoint.
Construction Week Viewpoint will be joined by Haroon Niazi, partner at HKA, later this month to tackle how companies can reboot stalled construction projects.
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