Abu Dhabi – Mubasher: Abu Dhabi economy banks on two pillars to grow, namely tourism and real estate, the first sector has been so successful, as the emirate attracted visitors from China, India, and Saudi Arabia, Aldar Properties’ chairman Mohamed Khalifa Al Mubarak.
The UAE’s capital and biggest sheikhdom has many attractions – whether planned or executed – including the Guggenheim, the theme parks, and SeaWorld Abu Dhabi, Al Mubarak told CNBC.
Al Mubarak added that growth and investment opportunities in the real estate sector are mainly limited to low and mid-income residents.
"In the past, there was a focus on very high net-worth individuals and I think that market has become very saturated. There is a need for this mid-market and low-income market housing," he commented.
When asked about the challenges facing investors in Abu Dhabi, the top official referred to the private sector’s humble role in the economy.
"In my view, there is still an undersupply in what the private sector can bring. Outdoor retail is still weak, community retail is still weak, I think you still have a weakness in the two and three-star sector hotels," Al Mubarak said.