UAE/Dubai: Damac Properties chief calls for temporary halt on building

Further to reports of financial troubles at two property companies owned by the Dubai government, Meydan and Meraas Holdings, Damac Properties chairman Hussein Sajwani has called for an 18-month temporary halt to house-building in Dubai, so that demand can catch up with supply. In an interview with Bloomberg, Sajwani blamed Emaar Properties for flooding the market; he said he believed that whereas 30,000 properties were due to come on the market this year, there was only demand for 15,000.