Dubai developers urged to rethink their budgets

Dubai

DUBAI'S biggest landlord has a message for the city's developers: get ready to rethink your budgets and building plans repeatedly this year or be engulfed by a topsy-turvy market.

Companies need to be "more agile to sustain their businesses and survive the tough period ahead", said Hesham Al Qassim, chief executive officer of the state's Wasl Asset Management and vice-chairman of Dubai's largest lender, Emirates NBD PJSC. "Those who are mindful of the reality around them will manage, but those who stretch themselves with billions worth of projects won't."