Departed Real Estate Developers Leave Another Fine Mess

Deyaar, a Dubai real estate developer, recently reported a 95% decline in profits. They made AED 645.7 million profit in 2008 and just AED30 million in 2009. Not a rosy picture.

But we should still give them credit - at least they are around, serving customers, keeping the operational cash flow moving and making albeit a small profit, but a profit nonetheless.

Markus Alexander Giebel - Deyaar CEO

This certainly can’t be said about the other equally large developers who have fallen by the way side. Repeating their names conjures up too many painful memories so let’s just refer to them as the departed.

The departed have left many of their customers and stakeholders in what Oliver Hardy would refer to his comedy partner Stan Laurel as “another fine mess”. The mess might be incomplete buildings, non payment for services rendered or just not being there.

Normally we’d miss a person who has departed because we’d remember the good things they may have done for us. What they said, the stories they told, the manner in which they welcomed us and so on.  

In the case of the departed property developer’s, their customers and suppliers sorely miss them because of what they did not do. That is they did not build and they did not pay.   

So yes, there will be some negative stories about Deyaar from some customers. However at least they are still around, they have not departed. Customers can go and see them, they will listen and they are open to negotiate payment plans and offer solutions.

Let’s hope they stay around, as once a company departs then we are only left with the memories of what they should have done, could have done, but never did - may the departed rest in peace.