'Firms need to snap out of negative mindset'

Dubai: Saeed Humaid Al Tayer, Chairman and CEO of Meydan City Corporation, is tired of companies blaming the international financial crisis or the current unrest in the region for their failure to perform.

"We need to accept that the current situation is a reality of life and snap out of the negative mindset. We cannot always blame the market for not reaching our objectives. There is always a client that seeks a certain package, but it has to have the right location and specification," he says.

He acknowledges that the local property market is facing an over-availability of stock, but points out that the resulting drop in the cost of living for residents of the UAE and increased affordability of housing is ultimately good for the market.

"I would like to see the business community and financial institutions engage more to come up with solutions to certain scenarios. Then we will be in a situation where we have a bit of common direction and be in a better position for the next year or so," he says.

The relationship between Meydan City and some of its development partners is perhaps a case in point. Faced with the uncertainty in the real estate industry for the past two years, Meydan City found ways to work with 65 of its partners in the development — rather than push them into projects which they could not sustain. "By being adaptable and flexible, we were able to maintain a strong relationship," Al Tayer explains, adding that "being able to develop during challenging times has given us an edge."