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Jeddah - Yasmine El Tohamy - Dubai: Low interest rates may fuel the recovery of the UAE real estate sector, according to the boss of one of the country’s biggest brokers.
The country is well positioned for an “accelerated bounce back from 2020 as all the ingredients for growth come back in play starting in 2021,”
Al Ramz chairman Dhafer Sahmi Al-Ahbabi said in the company’s annual report published on Monday.
“The backdrop of low interest rates not seen since the 2011 lows, will fuel the private sector and real estate sector in the country to fuel the growth over the next few years,” he said.
The UAE stock market has already signaled this positive outlook with the UAE indexes already outperforming in the EMEA and EM region in 2021.”
It comes after a tough year for regional brokers hit hard by the sharp decline in corporate profits and trading activity.
Dubai-listed Al Ramz recorded a 2020 loss of investments of about 31 million dirhams ($8.4 million), resulting to a net loss of 10.9 million dirhams, compared to a profit of 4.1 million in 2019.
Al Ramz had to diversify its income sources to buffer the blow of COVID-19, Al-Ahbabi said.
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