Emaar adopted the same approach - but took it to extremes. Rather than attempting to move one step ahead of its rivals, the company opted for huge strides, in a determined bid to leave the competition for dead. To this end, it created the ultimate luxury residential complex on the outskirts of Dubai, comprising 600 villas surrounding a championship golf course designed by European number one golfer Colin Montgomerie. It was a bold move, but it came at a price. My concern was the psychology.
People are quite concerned when the oil prices are down.
People start calculating that the government will cut expenditure. Businessmen look at these things. Economic woes in the key Gulf markets of South-East Asia and Russia did nothing to allay his fears. Europe and the Far East are also rebounding, although there is always a nine to 12 month lag. We have already sold just past 10 per cent of the total.