watch now VIDEO 9:00 09:00 There may be Dubai property cooldown, but I don't see it, Emaar Founder says Access Middle East Dubai's property market could see a "cooldown," one of the UAE's largest developers has said, as he insisted "smart capital" would keep investing despite Iranian missile strikes. Mohamed Alabbar, founder of Emaar Properties, the company behind the Burj Khalifa skyscraper, told...
watch now VIDEO 9:00 09:00 There may be Dubai property cooldown, but I don't see it, Emaar Founder says Access Middle East Dubai's property market could see a "cooldown," one of the UAE's largest developers has said, as he insisted "smart capital" would keep investing despite Iranian missile strikes. Mohamed Alabbar, founder of Emaar Properties, the company behind the Burj Khalifa skyscraper, told CNBC's Dan Murphy that "there could be a bit of a cooldown, but I really don't see it," adding that the UAE's real-estate business is "not built on bank borrowing." "Bank borrowing is really restricted in this market. Consumer confidence will be shaken a little bit, but as I said, the policies of this country bring the confidence back so fast," he said on Thursday. He was speaking on the sixth day of an escalating war in the Middle East, in which the UAE has been hit with retaliatory strikes from Iran after the U.S. and Israel launched strikes against Tehran on Saturday. Countries have repatriated their citizens. Dubai's airport, one of the busiest in the world, was hit, disrupting flights , as were hotels and ports around the country. "I was surprised, and I was shocked," Alabbar said of the strikes. "But people with true capital understand that a country like this, with stable leadership and the safety it has shown, can deliver. They will double down on this." watch now VIDEO 1:43 01:43 Emaar Founder: Iran's attack will only strengthen UAE Access Middle East He insisted that life was gradually returning to normal, adding that footfall at Dubai Mall has already rebounded to 190,000 visitors daily, compared to a typical pre-war daily footfall of 250,000. "The number of customers that come to our restaurants, our numbers are close to about 80, 85%, and it has been only four days, five days," Alabbar said. Dubai Mall is owned by Emaar Properties and is next to the Burj Khalifa. "Life is coming back to normality," he added. When asked why Iran chose to target the UAE, Alabbar...