Mohamed Alabbar, chairman of Dubai developer Emaar Properties, has accused Nakheel Properties of being “unnecessarily aggressive” during the emirate’s six-year real estate boom.
Speaking to the UK's The Sunday Times, Alabbar singled out state-owned Nakheel, which borrowed more than US$10bn and had to be bailed out by the government, as one of the biggest companies to expand too far and quickly during the boom years.
“They were unnecessarily aggressive. They were too optimistic. And they got burnt,” he told the newspaper.
Nakheel was one of the high-profile corporate casualities during Dubai’s debt crisis, which saw house prices in the emirate decline by over 60 percent. The developer, which built the artificial Palm Jumeirah island, agreed a US$16bn debt restructuring deal in 2011 and was forced to scale back its plans.
Read more: http://www.arabianbusiness.com/dubai-s-nakheel-too-aggressive-says-emaar-boss-489843.html
now a days Arabian people are too experts in business and they are doing very positive activities for the improvement of the business and they attract the foreign people to do business in their country so and they are very successful in this point and make Dubai center of business
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