Amid the escalating US-Iran war, explosions over Dubai, drones in the night sky and black smoke rising from parts of the city have raised global alarm.
On Sunday, local authorities said four people were injured in a fire at Palm Jumeirah, the man-made island famous for its luxury hotels, resorts and attractions. This, after parts of a missile — either intercepted or knocked off its trajectory — hit a high-end hotel there. Dubai’s main airport, one of the world’s busiest aviation hubs, was also partially damaged by a suspected aerial strike.
Also Read: Gold stuck in Dubai is being sold at a discount as war widens
As the dramatic visuals fuel mounting concerns, The Economic Times spoke to Rizwan Sajan, Founder and Chairman of Danube Group, who said the current anxiety is driven largely by perception rather than fundamentals.
Edited excerpts:How is Dubai dealing with the ongoing crisis?
I think Dubai is doing very, very well. Not only Dubai, but the whole UAE (United Arab Emirates) is doing very well. You can see how many missiles were thrown at the UAE and how many were intercepted. The total mortality in these five or six days was just three, and even those were not from direct missile hits but from debris falling after interceptions. So in terms of safety and security, we feel very safe here. The UAE has one of the top defence systems in the world.
Will the crisis affect Dubai’s business and real estate markets?
For the time being, yes. I would not say there will be a direct impact, but there is a sentiment involved. People buy property based on sentiment — they consider whether they should invest their money or not.
That said, I think this crisis will not last long and will hopefully end soon. Even if it continues for some time, such situations keep happening around the world, and this is an external factor in which Dubai has no fault.
What is your view on the global conflict driving the crisis?
Israel and Iran are fighting, and America is in the middle and making everyone fight more. All this gun business is what keeps making everyone fight. We all know who is behind making these things happen. And it has created turmoil across the world, which I do not understand why they do this.
Is life functioning normally in Dubai despite the crisis?
A little bit of fear is everywhere. When missiles pass overhead and you hear the sound, of course people feel some fear. But everyone has confidence that the government here is very proactive.
We are living a normal life. It does not feel like we are going through a war zone. I did not close my office except for one day, which was Sunday, when the whole thing happened. From Monday, my office was fully operational, and we were working normally. All malls, shopping centres, hospitals, metros and the transportation system are completely open.
Why are residents confident about safety in Dubai?
We have an assurance that nothing major will happen here because the rulers are very proactive and they take care of everything. We have seen it in the past. Two years ago there was flooding, and the media said Dubai was finished. Within two days, the flooding was fixed, and within three days, we were back on the roads driving our cars. The next day, the government announced a 2-billion-dirham sewage plan to ensure such flooding does not cause problems in the future.
Nobody can say what will happen tomorrow, of course, but we know that if something happens, the system here will take care of us.
What would your advice be for Indians living in Dubai right now?
Indians living in Dubai do not really have a problem. The problem is the media around the world creating false AI news — that something happened here or that the Burj Khalifa has collapsed. That is what scares people. But if you talk to people who actually live in Dubai, their confidence level is at a completely different level.
How is the business community helping stranded people?
The business community is doing a lot. From our side, we have provided free accommodation. Right now around 450 people are staying in different hotels free of cost. We felt this was the time we should help.
Many visitors come to Dubai with a limited budget. Some ran out of medicines, some had problems arranging food. When we provided accommodation and arranged food for them, they felt secure. They know that as soon as flights resume, they will return home.
Why do investors continue to see Dubai as attractive?
Give me the name of one city in the world that offers all these things together: zero income tax, strong safety, harmony among communities, excellent hospitals, top schools and colleges, good income opportunities and a peaceful life. That is why people who live in Dubai rarely think of leaving.
What is your message to people watching the situation from outside?
My message is simple. We are very happy here and doing very well. If you want to say something about Dubai, say something positive. To be honest, we are more scared of the news being spread by the media than we are of the missiles.