Sorouh certain that bad UAE markets won’t damage its portfolio

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SOROUH CERTAIN THAT BAD UAE MARKETS WON’T DAMAGE ITS PORTFOLIO

Friday, 19 Sep 2008

According to the CEO of Sorouh Real Estate based in Abu Dhabi, the company has a portfolio that is valued at over Dh50 billion at this moment in time, part of which includes Lulu Island, according to Mounir D. Haidar. Haidar said that he is convinced that the Morocco property market, as well as all the other United Arab Emirates markets, will bounce back from the recent downfall of the Lehman Brothers banking company.

Haidar says, “The health of financial markets in the world is tied to the United Arab Emirates as well. It will have an impact. But, we are confident we will not only be affected and hopefully, it will be over soon.” It would seem as if Sorouh has some reason to be confident, as its Abu Dhabi Securities Exchange stock was up on Wednesday, a mere three days after the collapse, sitting at Dh5.60, and Haidar says that Sorouh will be following through on its plans for expansion that will include developments for property in Morocco and Egypt.

Haidar also said that the company will be making provision for over 7,000 – 10,000 units for residential use during the coming three to five years, and went on to say, “Our prices are based on the cost of construction materials,” and that the company will sell its residential property for as little as Dh700,000 as well as villas for as much as Dh3 million.

Property in Morocco, Dubai and the rest of the United Arab Emirates is expected to continue to sell well, and Haidar said that Sorouh will be launching phase three of Gate Towers, a residential property development that will consist of three towers, on Reem Island in Abu Dhabi, and the upcoming show in Dubai hosted by Cityscape Realty.