people, then we need about 500,000 residential units to support them.
In the past, before the introduction of freehold property in Dubai, these expats were renting their homes and this was part of their cost of living in Dubai. Today, due to the changes that have taken place, this has become potentially an investment for them.
But, by 2020 the total population of all units in Dubai will be at most 300,000. This means that there will be a huge shortage.
* What do you think of the pace of growth in Dubai and all of its consequences?
Dubai is becoming a more attractive destination to visit or live in everyday with projects like The Palms, The World, and Dubai Land, which will be 5 times bigger than Disney Land. Dubai is constructing the biggest shopping mall in the world, the highest tower in the world, and one of the largest ports and airports in the world.
So we can safely assume that more jobs have to be created here, and more people than previously estimated will actually move here and invest due to its unique positioning in the Middle East, in terms of security and stability.
Dubai will continue to play a similar role as Switzerland did during the Second World War, and this gives a sense of security to all international investors to utilize the opportunities that exist here, without much worry about the pitfalls that may exist.
* How do you see your role, as a major property developer, in what is happening in Dubai?
As a developer, if we want to play our role to meet the demand, then we need to work non-stop to keep pace with the rapid growth in Dubai. Extensive market research has shown that the population is growing at an extremely high rate of growth and that is why you see so many new projects being announced here in Dubai everyday. In fact, there will be a shortage unless more and more residential units continue to launch and also offices to accommodate people who are moving here to set up their business. It is an exciting cycle of growth and we are happy to be a part of it.