It is telling that the ‘revelation’ only one in five construction projects is likely to finish on time does not come as a shock. Shortages of materials and skilled workers (plus reams of red tape) are the official excuse, but the public has long since abandoned belief in deadlines being met.
As we’ve mentioned here before, as long as property prices continue to rise, investors are not too fazed by these delays. An investment that has doubled in value tends to soften the blow. But what damage does this do to Dubai’s reputation as a can-do business center?
There is a danger that missed deadlines breeds an acceptance of tardy work. Who cares if you’re going to deliver late, everyone’s still making money, right? This applies to pizza deliveries to magazine publishing dates to nail appointments to real estate handovers. In boom times, even bad business can make money.
Dubai’s reputation, in part, has been built on being the best place to do business for a thousand miles in any direction. Delivering on time is a big part of that boast. It would be great to think those that deliver on time are remembered when the boom times flatten out.
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Ras-Al-Khaimah (RAK), one of the seven Emirates that make up UAE has established an International Corporate Centre (ICC) to simplify setting up an offshore company in the UAE.
rak icc offshore
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