Aerial view of Dubai from the Deira old Dubai side in Dubai, UAE July 9, 2018. REUTERS/Satish Kumar
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A United Arab Emirates developer who says he's waiting for a market rebound before starting a $4 billion project expects the country's property slump to run for another three years, despite the government's moves to bolster the economy. While a raft of state measures is taking the economy in the right direction, they're not going to produce a turnaround in the short term, Waleed Zaabi, chairman of closely held Tiger Group, said in an interview.That's boosting confidence – but not prices – in the real estate and construction industries, which contributed around 13 percent of Dubai's $112 billion economic output last year.That income is helping Tiger ride the downturn and even expand, albeit cautiously, Zaabi said.
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