Dubai real estate heavyweight DAMAC Properties isn’t worried about regional instability in the Middle East. In fact, its leadership sees it as a plus.
The United Arab Emirates‘ (UAE) most populous city has long benefited from the seemingly constant turmoil in its wider orbit, DAMAC Properties chairman Hussain Sajwani told CNBC’s Hadley Gamble Monday.
This is thanks to its status as a regional transport and business hub, and its reputation for safety and stability, which has attracted those with means from other parts of the region when political or economic unrest has hit neighbors such as Egypt, Lebanon, Iraq, and Kuwait, to name a few.
“Dubai always benefited from the instability,” Sajwani said. “I remember eight years of Iraq-Iran war and Dubai benefit from that. The trade with Iran increased and then we saw the Iraqi invasion of Kuwait, and Dubai benefited from a lot of Kuwaitis (that) came here and stayed here.”