Dubai Has Too Many Millionaires – Says Dubai Billionaire
Skift Take
The very man who helped transform Dubai into a haven for the rich is worried the city has gone too far.
Real estate magnate Mohamed Alabbar said Wednesday he is "scared" about Dubai's snowballing luxury market because there aren't enough resources to cater to demand.
Alabbar was asked about Dubai's luxury market at the Future Investment Initiative in Riyadh this week. "I’m scared, I’m scared. No, it’s not sustainable," the Emirati billionaire said. "Dubai is a very small town. We had about 5,000 millionaires move in. Even if the market crashes and only 2,500 millionaires move in this year, we don’t have enough space [or] enough homes for these people."
Alabbar is one of the wealt
