Now Is the Time to Enter Dubai Property Market, Kanoo Group Says

(Bloomberg) -- The downturn in Dubai’s property market is coming to an end, making it a good time to invest, the head of a Gulf family conglomerate said.

Real estate prices are stable and in some cases are rising, Mishal Kanoo, chairman of Bahrain-based Kanoo Group, said in a Bloomberg TV interview.

“When people perceive something to be low, this is the ideal time to come in,” Kanoo said. “We are at the beginning of an upward cycle, which you will see the effect of either this quarter or next quarter.” His company has interests in shipping, travel, chemicals, oil and gas.

The Bloomberg report that Brookfield Asset Management Inc. is said to be in talks to invest in Dubai-based Meraas Holding is testament to long-term confidence in the emirate’s property market, Kanoo said.

“This is a company that doesn’t throw away money,” he said.

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