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Get real, Part I
With the grinding halt of the real estate rollercoaster, exhilaration at the prospect of a ‘fast buck’ is over. What’s next for the industry? Part I.
October 27, 2009 3:15 by Ehtesham Shahid
The good news is that despite the cash flow situation, the focus is shifting towards sustainability, which was largely forgotten during the boom years. Thom Bohlen, the chief technical officer at the Middle East Centre for Sustainable Development (MECSD), says the focus is on sustainability as the industry regroups to prepare for a return to regional economic strength. “Construction-related businesses that had a diverse portfolio of services, locations of projects, and assets are the ones who have survived the best,” he says.
According to Bohlen, lessons are finally being learned the hard way. “Some projects in Dubai are being delayed not for lack of capital or the will to develop, but for lack of promised future infrastructure to support the proposed development,” he says. Bohlen says even though a lot has been done, several other factors – sewer, water, gas, electrical distribution, transportation and telecommunications – need to happen from a sustainable perspective. “The new Metro is a great example of this and should stimulate further sustainable infrastructure development.”
First seen in Trends magazine.