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Downturn 'can't last over 2 years' |
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08.14.2009 |
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Dubai: Dubai's economy that creates millionaires and billionaires is bound to rebound shortly, as its fundamentals remain unchanged despite the current economic slump, says a top property developer.
"Upswings and downturns are part of global economic cycles. After a bull run of six to seven years - the usual life of an economic boom - a downturn was inevitable," said Shaikh Maktoum Bin Hasher Al Maktoum, President of Al Fajer Properties.
"I don't know why the economists, bankers, rating agencies and analysts could not predict this and why they all got it wrong?
"The crisis started because the credit rating agencies and analysts got it wrong. They completely misunderstood the situation and randomly rated companies without studying them."
A car lover, Shaikh Maktoum had launched the A1 circuit, which at one point posed a challenge to Formula One - while in his 20s. In four years he popularised it and while the going was good, he sold it to make a fortune.
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Source:www.zawya.com |
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