Real estate shows sustained growth

Real estate sector witnesses sustained growth as interest from long-term investors and end-users looks growing, according to an industry specialist.
"There may be a small correction on the prices of real estate, but I don't think it will be like what we have seen in 2009," Khaitan Holdings vice chairman Nalin Khaitan told Khaleej Times.
"There may be a slowdown in completing the various ongoing projects, but considering the track record, I feel all these projects will be completed in due course," he added.
Khaitan Holdings is a multinational conglomerate with businesses in telecommunication, investments, general trading, mining and sports, is operational in the UAE, India, Oman, Mauritius, Egypt and European counties. The Group leverages growth by capitalising on industry trends and smart investments.
He mentioned that the falling oil prices is a concern for the region, but the UAE economy, especially Dubai is not only dependent on oil and benefiting from other activities such as trading, tourism, aviation etc.
"I think the excellent infrastructure already available in the country will boost other activities and compensate the oil dependent economic activities," he said.
Khaitan first started managing the group's steel trading business. He started the retailing of imported steel in the UAE local market. Parallel to the steel trading business, he also spearheaded the group's move to take ownership of mines, opening a new horizon of possibilities.
"The year 2015 was very challenging as the steel industries across the globe were not doing well.  We feel that the situation will improve and expect significant growth in the year 2016," he said.
Khaitan's core business activity in UAE is trading in raw materials for the steel industry. The company sources raw material from various mines around the world including UAE and supply to large steel producers in India.
"Our future plan is to own large limestone mines and we hope the economic diversification strategy of the government will help us in achieving our goal," he said.
Sports business
As part of business diversification, Khaitan Holdings has made a foray into sports management. The conglomerate owns Gemini Arabians, a team that will feature in the Masters Champions League, or MCL, cricket tournament. As the Team Owner and CEO, Nalin Khaitan seeks to create a brand that people can relate and look up to. He sees Gemini Arabians becoming an icon of positivity, healthy fun and sporting greatness not just in the UAE, but the world over. Global sports sector is estimated around $620 billion.
Starting from January 28, the MCL is a unique and competitive annual T20 cricket tournament, which would see some of the game's retired icons back in serious competition. The tournament will be made up of six teams in its first year, with a total of 90 players taking part - 15 members per squad.
The main aim of MCL is to take cricket to a higher level across the UAE. The MCL has received a 10-year approval from the Emirates Cricket Board, and inaugural matches of the tournament will take place over two weeks in Dubai and Sharjah.
The MCL will feature a franchise format. However, unlike the IPL or Big Bash, teams will not be based on geographic location, and instead will simply include the best possible players a franchise owner can put together from the qualifying player base.
Indian batting sensation Virender Sehwag, who announced his retirement from international cricket late last year, will captain Gemini Arabians. Kumar Sangakkara, Richard Levi, Shivnarine Chanderpaul, Brad Hodge, Saqlain Mushtaq and Muttiah Muralitharan are other key members of the team. South African all-rounder Jacques Kallis was the costliest at the auction, which was held on December 7, 2015, attracted a bid of $175,000.
- abdulbasit@khaleejtimes.com