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Kele delivers two projects in 2011

Elias: “Success is measured by proven ability

Dubai, 13 March 2011
More than two years after the financial crisis set off a real-estate slump that caused values to fall by more than 60 percent, Dubai is still reeling from the effect. According to a recent HSBC report, almost half of all the construction projects in the UAE - worth around AED1.1 trillion - have been either put on hold or cancelled in response to falling demand and deteriorating market conditions. For Kele Contracting, however, fulfilling its promise to deliver projects on time is a matter of principle. Says Kele CEO Andrew Elias: “Establishing trust and a good business reputation has always been important, but since the financial crisis it is more important than ever. And the best way to establish trust is to keep your word.”

“Despite the challenges faced by the industry, we have given our word to our clients. As such, we are dedicated to completing and delivering the projects that we have already committed to. After all, success is measured by proven ability.”

Scheduled for delivery this year is the Promoseven Office Tower in Tecom, as well as a staff accommodation development in Jebal Ali. Kele also has numerous other projects at various stages of construction across the region.While a matter of concern for many developers in the current climate is the fact that there is already an over-supply of commercial and residential properties – according to a recent Landmark Advisory report as many as 48,000 homes will be completed in the next two years, increasing current supply by 12 percent while around 1.1 million square meters of commercial space is likely to be completed in Dubai this year – the firm is determined to succeed.

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