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Perhaps wary of Dubai’s fate, Abu Dhabi is no longer interested in working with speculators and short term investors, a top government official said this week during Cityscape Abu Dhabi, the region’s largest property show.
“There is not a place anymore for them,” said Ahmed Shareef, under-secretary at the Department of Municipal Affairs.
Although he never specifically mentioned Dubai, Abu Dhabi’s sister Emirates, it was hard not to draw the parallel. During the global downturn, Abu Dhabi’s government demonstrated “disciplined fiscal policy” and “did not change any of its plans due to the crisis in terms of infrastructure,” he said.
Going forward, Abu Dhabi does not want to do business with “companies that do not buy in” to the Emirates’ standards and practices, he said. “Those days are gone.”
The Abu Dhabi government is looking for “long term investors, rather than short term investors,” he said.
The government is also reworking proposed regulations that would establish guidelines for developments, escrow accounts and mortgage financing. The law could be reviewed by the end of the year, Shareef said.
Abu Dhabi continues to move forward with its “2030 plan,” a comprehensive master plan for developing the Emirates’ infrastructure and development.
