| Trump Jr. exposes the reality of emerging markets at Cityscape Dubai |
| |
 In a keynote speech that opened the first round of Cityscape Dubai 2009, Donald Trump Jr., Vice president of Trump Organization, underlined how investors view differences between emerging and mature markets.
Stressing on the importance of negotiation in the real estate property, Trump called industry players to go back to the fundamental basics that make up the real estate industry in order to rebuild a firmer and more regulated market.
Dubai contends with International markets
Trump rated Dubai as one of the most diversified economies in the Middle East, stating that it’s not contending with GCC countries anymore but with international markets.
“Unlike other parts of the Middle East, GCC or where ever you look at emerging markets, 80 to 90 percent of the focus was just real estate. Dubai has made a phenomenal job creating a diversified market.” Trump said
This is mainly due to Dubai’s diversified market and the fact that its economy is still able to withstand the crisis.
However, investors appear to be stuck in booming days at the time they need to adjust themselves to the new reality in order to survive.
“The days of foreign investors showing up with a briefcase full of cash are over; companies to come back to reality.” Trump added.
The crisis.. a wake-up call
Trump criticized GCC countries for the lack of transparency stating that its one of the reason that’s negatively affecting the economy.
“There is a difference between talking about transparency and actually applying it in reality.
“To grow effectively, organizations have to adapt transparency; after all, investors want to know what’s happening with their money,” Trump explained.
Covering another aspect of the urgency of transparency, Trump argued that investors are always attracted to a more clear economy especially in turbulent times.
The fact that the crisis was a ‘wake-up call’ for developers, investors and banks could actually pose as positive point to Dubai as an emerging market with a young population.
Trump backed his point of view about Dubai being a golden long-term investment by announcing his organization’s investment in Nakheel over the coming years.
|
|
