The real estate market in the GCC, especially in highly speculative Dubai, is still on a downward trend and companies are struggling to ensure their survival in these tumultuous times. Since the real estate boom began, developers have done everything but play it safe and the financial crisis has caught them off guard. “In our business in the Arab world, the growth was exponential and very promising,” said Dr. Isam Daoud, chairman of Avanti Holding. Daoud also explained that this ambitious growth prompted companies to hire more staff then they would need just to prepare themselves for future projects and expansion. “We were all preparing. If we needed 50 staff, we would hire 100,” he said. Things have now changed and instead of hiring staff, companies are downsizing, delaying projects and even considering mergers. Still, it is unfair to say that all are suffering. Even though most are cutting costs,
