Readers who have been around Dubai for the last year will recall rumours emerging at Cityscape Dubai last year that Deyaar Development and Union Properties were in merger talks. At the time, executives from both companies denied any knowledge of any such talks.
Photo caption: The stands of Deyaar Development and Union Properties abut each other at Cityscape Dubai 2009. Bradley Hope / The National
At this year's Cityscape, where I am reporting from today, the rumours are back and are fueled in no small part by the fact that Deyaar and Union properties have set up their stalls right next to each other (as evidenced by the above photo). Attempts to interrogate Marcus Giebel, Deyaar's chief executive, were unsuccessful. He only smiled.
The green color stand for Deyaar Development PJSC
And your point is? One property company is near another property company at a property exhibition. Let's not hold the front page. Must be a slow day.
If you want the real scandal check back on last year's reports:
1) Summer 09 UP say they are to sue Morgan Stanley for predicting property prices in Dubai would fall 10% in next 2 years. UP were right to say that MS got it wrong - it has declined 47% in one year.
2) October 09, CEO of Falconcity said Dubai property prics would "never decline".
I could go on...
That's the story - property companies trying to delay the inevitable and keep money flowing in from ignorant investors.