Dubai 'will not suffer in the long-term'

The current global financial crisis is unlikely to impact on the long-term growth of Dubai, it has been claimed.

According to executive chairman of Dubai Group Saud Ba'Alawy, the short-term issues brought about by a decrease in the flow of foreign capital into the city are unlikely to affect Dubai's property market in the medium to long-term.

"We are not overly worried about the current global financial situation," he explained, noting that the strength of Dubai has been built on the "leadership and capability" of those who have developed the city, rather than the "availability of capital alone".

Investors may be interested to note that plans to build a new mixed-use tower in the city have been finalised.

The waterfront Nahheel Harbour & Tower will feature three sections of residential property and developer of the building, Woods Bagot, has stated that the one-kilometre-high building will become "Dubai's capital" once construction is complete.