Muath A. Jalil

The UAE Department of Planning and Economy said that the real estate sector has leaped by an annual average of 22% over the past 5 years and is expected to maintain strong growth due to an economic upswing of surging population and tourism, high public spending, and other factors. But despite the sharp growth in demand, supply is gaining ground and could sharply depress prices in the medium and long term. In your opinion, how do you see the future development of property prices and supply and demand?

In the meantime, if we look at the actual figures from the latest research done by the Economic Department regarding the density per unit in Abu Dhabi, we’re looking at a figure of around 6.3, which is not healthy and needs to come down to around 4.5 to be at a normal level. So to reach that level in Abu Dhabi, it means we are currently short of more than 190,000 residential units. At the current time, with an average population growth of about 6.827 percent we’re looking at a hundred thousand every year just in Abu Dhabi. There is a need for thirty thousand residential units every year with the growth. What is expected by the 2030 Plan which was done by the Urban Planning Council is that we are looking at around 411,000 residential units required by 2013. So this is five years from now. For the supply to meet the demand, it requires the delivery of quick development. Everything that is being planned right now is being done for within two or three years of delivery, taking into consideration a delay in delivery for say, half a year. So that is three and a half years, and most of the population will continue to grow within that time in the current supply. Currently, the residency rate now for residential units is between 97 to 98 percent. A lot of buildings before even reaching completion, that have just got started with the construction, already have a contract for renting or are already sold out. I am not saying we are only short – we are suffering from the short supply. To recover from that short supply, we need a minimum of more than 6 years of development to cover such a supply. As has been planned by one of the codes of the Urban Planning Council, so far up to this year, there is a 270 billion US dollars project launch, and there is another one expected within the next two years of 190 billion US dollars, to be launched again for more projects. With all of that, we are still looking for the density per unit to come down by 2030 to 4.65, which would still be 0.15 higher than the average. In that case that will maintain properties to continue to have higher prices and to continue to be short in supply. Maybe you will have high offers but not oversupply. It will maintain prices and will continue growing. The growth in oil prices caused everything world wide to also grow. There is inflation worldwide, due to energy prices. That’s one of the things. Plus, we still have a shortage in the supply of raw materials like concrete, iron, steel, and up until this minute, there are a lot of growing emerging countries, like China and the countries of the Middle East, not only the UAE, competing to get as much as possible of the supply of raw materials. This makes them scarce, which also keeps prices up. Having said that, it means that the price of properties will continue growing, and investment opportunity will continue to be very attractive in the UAE for so many different reasons, as you mentioned. Plus, the UAE is a tax-free country. There is a regulation coming from the government very soon to promote political and economic stability. Also, the GDP per capita makes the UAE considered one of the high income countries, so it is very attractive for expatriates and everyone to come and work in such a country and such an environment. This makes our population growth increase. One extra point I could mention, to top off on pricing, is that currently most hotels or any new project launch, whether from the government of the private sector, requires people to come and run such a business or project or operation. These people have no place to stay, so they stay in hotels. I myself know more than twenty five people staying in hotels because they don’t want to move to apartments or residential areas because they are not available to them.

Another report declared the ratio between the GDP per capita and property prices being relatively low compared to Europe.

Absolutely, because in Europe, the GDP compared to the property prices is way lower, versus here, where it is a bit higher.

Is there still a place to grow?

Yes, there is still a place to grow.

By how much do you think the property prices will jump on a yearly basis?

Currently it is growing, I think that within the next year the jump will double the same as this year. The reason behind this is that it is a shock for people, investors, and residents. Initially, I remember the prices were starting at 500 and people were saying “who is going to pay 500 dirhams?!” – we’re talking about $100 –120 per square foot – and “who is going to spend this much?!.” A year later it became almost 1,000, which is double, and people thought it was getting crazy. Then it became 1,500. All of a sudden we finally reached almost 4,000 per square foot which is almost 1,200 dollars per square foot which is also a bit high. But, it is the trend and it is in the growing stage. People still don’t realize it is still growing, but next year, when they see prices at 8,000 dirhams, they will realize that 4,000 dirhams is cheap. And it will continue to grow in the same way. The reason behind that is that we are still very short in supply, and the demand is so high. Also, the market can still handle it because we are still in the early stages of the life cycle of the real estate sector.

When do you think this may happen, when supply meets demand?

I would say maybe we will be able to reach it later in 2014 or 2015, somehow the supply will reach a little bit of the demand. The main thing we can judge by is the density in residential units, because currently, like I said, we are running at 6.3. When we say 6.3 per unit, this could be a studio, a one-bedroom apartment, two-bedroom apartment, three-bedroom apartment, or a villa. Mainly, villas would represent around 25 to 30 percent of the properties available, and the rest are residential units. So when we say 6.3, that is too high, like in one apartment we have 6.3 people living there. We need it to be 4.5. If you go to Canada or the United States or Europe, you will find that 4 to 4.5 is the maximum. Once it exceeds 4.5, it means we are short of supply and there is a big demand in the market. This is one of the biggest things that drive the real estate and the property business. I think that we are still safe in meeting the supply and demand, and price increases will continue up to 2013 to 2015; it’s a piece of cake!

The Department of Economy and Planning warned that property prices could fall, which is unlikely, because of oversupply, speculation and an absence of proper regulation. Concerning proper regulations, what kind of regulations need to be adopted to regulate this massive development?

The main thing is that the government needs to be involved in controlling the developers because a lot of development gets promised to be delivered by 2010. However, we know, and they know, and the government knows that it can’t be delivered by 2010 for so many different reasons, be it infrastructure, contracting signs, or whatever. The government of the UAE has started to implement this in Dubai because they were already ahead of Abu Dhabi, and now the Abu Dhabi government has been putting down the same regulations to make sure that the off-plan sales for the properties are getting continued and hitting the place as required. Previously, what the private developers would do is before they would sell a property, they would look for another property and then sell that one before they signed a contract on the first one. Now, when you have such regulations in place it will force you to pay the money on the first one, so the money coming from the investor gets put towards building an actual building completely and ensures on-time delivery; this is because usually the profit comes at the end for us. So when we have 2 or 3 years of construction, the main profit comes at the end for the developers, so they will speed it up to make sure they get their profitability, instead of spending time moving from one property to another, and getting delayed in the actual construction. The other point about regulation, which is currently enforced in Dubai and most everywhere, is that you will not be able to sell before you have the land delivered to you, so you could know exactly what your final design is, and what your delivery time is. This is because once you have the land, you can know exactly when to start the construction and you can sign with your contractor. These rules and regulations will assure on-time delivery, will prevent any misplanning or cash-flow shortage with any developer that might cause some repercussions to hit the market. You know, when a market is growing and any little thing happens, it could make everyone else worry and stop and watch what is happening. The government regulation will actually help us and the private developers to continue on the right trend without any hiccups on the way.

Yes, that is what we are witnessing in Dubai now and there are certain problems…

Yes, but when the regulation takes place, this won’t happen. You will not face a situation where someone sold properties but does not have the land handed over to him to start construction.

To fully focus on the real estate sector in Abu Dhabi and addressing singularity, Mohamed Al Nahdi Real Estate Group launched its first subsidiary in the UAE; Rasyat Real Estate. How do you asses your corporate structure and what are the advantages you can draw from your mother company?

What is good about our Al-Nahdi group is that it is a twenty or twenty five year company in Saudi Arabia, in Al-Khobar, in real estate and property management and development, which gives us a heads up, instead of how it would be with any new developers. We have our own project team, our own project management, engineering team, plus we have our own system, so it’s not something new to us, it’s just a different location. This makes it easier for us to start up the company as they have been doing previously in Al-Khobar in KSA. Maybe the difference is just different people and a different system. Of course, maybe the investment opportunity here is higher, return on investment here is definitely way higher. Compared to worldwide figures it is the highest, and that is the advantage. So we are just moving one office to another and opening a subsidiary to one of the UAE markets.

What are Rasyat’s financial targets for 2008 and 2009?

What are our financial targets? Well, currently, we actually finished our 2007 and 2008 targets. Cityscape Abu Dhabi has helped us reach our target, and initially we had our target, we did plan, we did not go as crazy as the market. We are actually going slowly and step by step, we’re taking it right, we want stability, we do not want a big jump and then reduction. For 2008-2009, we are talking about almost 1.5 billion dirhams of turnover and small growth.

Real estate development aside, Rasyat also offers property and project management as well as real estate market and services. What kind of services are you offering to the client in terms of: if I were an individual client, what could I expect?

See, we’re dealing with a lot of individual clients as individuals, and we are also trying to reach out to high net-worth individual clients. Also we what we deal with are corporate companies. Sometimes people get into this market not knowing exactly where to head, and they don’t have a specific strategy, like do I want to buy here, do I put down 100,000 and in one year will it make a billion? So a lot of people who are not in this particular business, the property or real estate business, don’t know how to make such money. For us, what we try to do is try to help them set up their strategy first right when they get in, before they get their heads in something that they don’t know whether or not they can handle or afford, or if they don’t know how to reach their first million. If we’re talking about a high net-worth, they already know exactly how to invest; they have their own businesses and different categories and industries. However, they are cash-rich companies and don’t want to leave it in the bank, especially with the drop in interest rates, so they prefer to invest it somewhere else. It’s a great investment opportunity because literally you are averaging a return on investment not less than 60 to 70 percent in a six month period. You’re talking about almost 110 to 120 percent a year. Now, the only thing is you have to make the right decision: sometimes, people see the price is very attractive, but the real estate business is not only about prices. It’s a price, it’s a payment plan, it’s when to resell, when to offer and when to hold, and what to buy. So what we do is, we actually have a lot of property inventories, whether from commercial, residential or hotel apartments; everything. Everybody comes, some with a short-term strategy; we tell them how they should start this strategy and which way to follow, and we help them to find the right property for them to invest in, make some money, and eventually having them continue with us, if they liked what they saw the first time. Others come with a long-term strategy, but they don’t know which way to go. We actually direct them and tell them how each property is actually unique. Each one requires you to use a unique investment strategy, and this is what the individual or the non-real estate expert does not know. They know that they could buy a very good thing with a very cheap price but it still has a certain percent down-payment over a certain period of construction, versus what I would recommend to someone who is looking for a high return on investment and a longer strategy: to look for something that has a very big late payment upon completion. These things people don’t notice. They mainly look at the price, but they don’t focus on the payment plan, they don’t focus on the property. To buy real estate from a market point of view, as an investor, not as an end-user, you need to look at four or five things other than the price, which as I said are payment plan, pricing, developers, location of the property; all these need to be combined with your strategy to see whether the property fits with your strategy, goals, and objectives. If you are coming here for one year, and want to double and get out, there is a specific property for you to buy. This is what we do for marketing services. Plus, we do our own research, so when we explain to the client about what we suggest, we back it up with some research. Some of the research is done by us; some is done by other research companies in the UAE. We show them why this is good, how it gives a higher return on investment, with a good payment plan, one that is recommended for long-term; this one has very good potential for ownership or a very long-term investment strategy. This is one thing, we combine advising with research, plus we have our own extensive inventory. This is to tell customers that we have residential, commercial, or hotel properties – whatever they are looking for and whatever is suitable for them. Sometimes we do not have it in our property inventory, but we will make sure to tell them where to find it or take them to it. What is important is our customer service, our brand name, and our reputation.

As you mentioned, you have your own research department where you identify market trends. What are the market trends or needs at the moment in Abu Dhabi?

Let me give you some figures. For example, if we’re talking about commercial offices, basically the record is 98 percent in Abu Dhabi. If we’re talking about residential, it is between 97 to 98 percent. If we’re talking about hotels, we’re talking about 85 percent. So every property right now is a trend in Abu Dhabi. Commercial properties might have the highest yield and are basically the most attractive investment due to the scarce supply of them. You find very few areas that supply commercial and office properties, because with commercial properties they need to be in a specific area with specific planning of traffic, parking, and so many things. So, if we take, for example, Al-Reem Island, which is one of the most popular investment areas right now in Abu Dhabi, we will find around 15 percent of the Island is commercial and the rest is residential. So that tells you how short supply is. The Urban Planning Council is also focusing so much on commercial units because with the growth, with the plan of the UAE and Abu Dhabi specifically, there is a lot of tourism that is going to be coming to the market, and attractive worldwide investment opportunity. This will attract a lot of companies to come here and this requires offices and so on. Residential properties, in the meantime, have a very high supply, which will continue to be high due to our population growth and also due to the mix of our population. You find that 60 percent of the population is below the age of 45, and almost 75 percent of the population is expatriates, which are people living here from outside. They bring their families and so on, so residential properties are still in demand, and hotels absolutely have a big demand. Every time I try to book I have to book about three to four weeks in advance to find myself a room.

Does this research competency impact your strategy in a significant way; does it give you an advantage over competitors?

Yes, absolutely. One of the things we do is we start with the research before we start launching to find out how we can have a competitive advantage, what we can have as a new company, to set up a proper strategy that can help us to shine and brand ourselves in the market in a proper way. For example, we know that a big thing that happens with most of the developers is delay of delivery. One of the things we have done with our current project is we launched earlier but kept it in a very low profile, and then once we had the plots handed over and everything, we put our complete marketing strategy to work focusing on the building. We set it up with the contractors so that when people come to buy, we can say “yes, we have already started enabling it, and you can go and see.” We have beautiful pictures of the actual construction site. That tells them that when I say I will deliver at the end of 2009, it means I will deliver, because I have already started. It’s not like I don’t have anything on the plot of land itself. This is all due to research; with a lot of people, whether from Dubai or Abu Dhabi or international investors, the first question they ask is when will you deliver, and will you even deliver? Now for an investor, they don’t really need to know when I deliver, or even if I will, because they will sell it before that time if they are a short-term investor. But the long-term investor, who is thinking to rent it or resell it when it’s completed to make 100 percent appreciation, will definitely ask such questions. Others will have it just for the record. But we try to meet everybody and we try to gain the client’s trust, and this happens due to our research. Basically we find out what the market needs are, be it commercial, residential, or hotels, and there are lots of people expecting from you. When you under-deliberate, you create a bad image. But when you exceed their expectations, this is when you make your brand shine.

One of your first iconic projects is Burj Al-Yaqut. Can you tell us more about the aspects of the project and its competitive advantage?

Our decision to go with Danat Abu Dhabi, in the main island – not Al-Reem Island – came from input from our visionary chairman Mr. Mohamed Al-Nahdi. He knew there is a huge demand in the market. Maybe Al-Reem Island would be later, in 2010 or 2011, but he wanted to supply something right now and right away, and that is why we took land in Danat Abu Dhabi, which is in the middle of the land. So the infrastructure is already there, and all we need to do is plan the community because it is in a community. We did this with Al-Qudra Holding, which is one of the master developers in Abu Dhabi; we took the plot from them. We launched it in early May of last year, but that was not an official launch, it was just a pre-launch. It was very low-key, until we actually got the plot in December; that’s when we went out with a full launching campaign. We started bringing in people and we started the sale for almost three months until we started piling. When we started piling the construction, we actually launched it officially and people started buying. The tower is 21 floors with one commercial floor for offices, and one retail floor for retail shops. We will have a gym, a swimming pool, all the health club facilities, three underground parking lots to solve the parking issue. At the same time, it has a futuristic design, a different design. It’s not a square building. We tried to design it in a different way, a nice way and at the same time we have to give it all the smart-home features. That basically will be one of the first projects for residential properties for local people with smart features on the main island of Abu Dhabi, if we deliver by 2009.

How is this project going to impact the image of Abu Dhabi?

Well, it’s on the main island; it is for the locals right now, it provides an investment opportunity for the locals because they are allowed to buy and resell amongst each other; that’s number one. Number two is they can rent it, if they want to rent to a long-term investor. It will set the standard for future buildings on the main island of Abu Dhabi, and guide which way they will go, because we are in a growing stage. So every time someone finishes, it sets the benchmark for everyone else to try and follow.

Is it going to be a benchmark?

We hope so; we hope to be the benchmark for others to follow.

What are the other projects you anticipate in the future?

There are a couple of projects which will be announced after the summer, in September. We’re just finalizing a few things, like locations and designs, but we are expecting to be launching them very soon.

It’s a low-profile strategy?

Yes, we would like to keep it that way till the time of announcing it officially.

Is it mostly residential or commercial?

One of them will be mixed and the other one will be residential.

You have been established only very recently. How do you assess your competition, and how will you compete with the other, well-established developers in the market?

We are trying to look at our competition strategy and find edge to the market where we can actually present ourselves differently. As I mentioned earlier, we already focus our sales or market campaign after we start enabling or piling so people can’t believe that we already started. Most of the developers start before they have the plots of land or anything, so they start selling six or seven months before the hand-over time. When there is a delay of another six months of hand-over time, we are talking about a period of a year of handing over. That is one thing. The second thing we are doing is when the client says “well, your payment plan is aggressive” we say “yes, we have already started the construction and your money is going to building the actual building, not to me to go and buy property.” So when people see that, they see that the developer is actually taking the money for construction and is not taking the money to go buy other land and develop a new project and resell it. It’s not like moving from one project to another before we start this one. Second point is that we like to choose areas where we can deliver as soon as possible, so they client will have a very good supply because this is what is needed right now. At the same time we are trying to meet market needs, so we see that they need to be in the middle of the land, not far away. There are further areas and we know that potential will reach there, but in the current time, we need something here in the middle of the city. So we are trying to devote focus there, we are looking for some land to buy there, and basically to start doing our business there also, but when the time comes. In the meantime we are working to develop and deliver to the clients what they need here and as soon as possible. This is another point. Plus, we are a customer-focused, customer-oriented company. We try to see what we can do extra than the others. For example, we sell to the clients. We have the option of selling the whole building before we actually start selling it. But if we do that, how are we benefiting the other investors, how are we making a name for our own brand? Even though it would be so cheap for me to sell for a lump sum to one person, then just finish the development, but we prefer to sell it to different clients in different stages to make sure everybody is making money as an investor, because usually the initial buyers are investors. We consider ourselves the manufacturer, they are the middle man, and at the other end we have the end user. So, most of the first buyers are investors, 80 percent of them are investors, and 20 percent are considered smart end-users because they want to buy at early stages with lower prices. The investors need to resell in the market, so they need to make some premium. That premium and who is going to help deliver it is my role. This is one of the things we are trying to show the clients: that we are not selling everything just at one time and at one price and you live with the appreciation of the market. No; I will make sure that I will deliver for you some appreciation on your investment so you can sell, and I know they’re selling it for lower than my price which is perfect for me. But I am assuring that next time I launch a new project, they know my strategy and will tell people to jump in with our company because we don’t sell everything in one shot, they will sell it in different stages, and they’re willing to increase the price for you. They want to increase the price for you between 15 to 20 percent between one stage and another. This is basically how we are creating our competitive advantage with the other developers. We are trying to make something different; we hope we can deliver what we promise and we are delivering what we promise.

Are you also building strategic relationships or strategic alliances with some of the other bigger, well-established developers?

Yes, absolutely. It is a main thing we do here, and basically, first of all we have to buy from a massive developer, so we are doing that and trying to choose the right massive developer and the right locations. At the same time we are in the process of negotiation maybe to go on a joint venture with a couple of different companies, big companies and big players in Abu Dhabi, for different projects.

One of the major challenges in the market is the shortages of cement, steel, and other productive resources. How are you overcoming these challenges?

Well, it’s the same for everybody. Really, you can’t overcome it. The only way is to sign your contracts right away. For example, for our techport we already signed the contract with a main contractor; we have already secured the steel and the cement. Even though it’s going to cost us a little bit more to assure us that he will secure it, but it gives us some assurance that any happening within the next seven or eight months to the main raw materials will not affect me. This is how we assure that we are delivering and supplying to the client on time.

Another challenge is establishing your corporate brand and image. How are you going to tackle this issue?

Basically we are following a holistic market, which basically covers you from a different part, from social responsibility to customer focus to market focus to PR. The way we are doing that is to make sure we are covering every aspect of the marketing mix that is required to brand ourselves. We start with PR first, then going slowly to advertising to back up our PR, and then branding ourselves. To brand yourself might be a quick objective, but the objective is to maintain that brand and grow with it. How to do that is to basically deliver what you promise, to set up goals and objectives to achieve, and to make sure that the clients are interested in these objectives and goals that also play a role in the objectives of the larger community and the shareholders. Doing all this together will help you reach a level where everyone is pushing for the success of such a company because you are actually linked to everyone. At the end, everyone will benefit from you, from the government’s side to the private side to shareholders to investors. This has helped us to get our brand in the right scenario and to have the right strategy and to go forward with it. We are focusing on a marketing mix, to support our brand image, to show the clients our competitive edge, and to focus on showing the clients our competitive advantage over other developers in the market. This is basically how we are working on it.

In your opinion, how do you see Rasyat in the long-term, short-term, and mid-term? What would you like Rasyat brand to be associated with?

We are trying to look for a brand strategy; we want to be associated with quality and services: quality and services of what we deliver and of what we promise. Usually, there are some brands in the market that when you mention them, people know them. For example, when you say FedEx, you know it’s delivery; when you say BMW, you know it’s fast driving; when you say Mercedes, you know it’s luxurious. We are trying to combine quality with services so that whenever Rasyat’s name comes up, it is quality and product with a big range of services that delivers clients’ needs.

So you want Rasyat to be one of the most respect brands in the UAE?

Absolutely, yes.

Abu Dhabi City image strategy is to sustainably develop the city. In this context, how do you address corporate social responsibility in your company?

There is one thing I would like to talk about, which might be a bit sensitive, but we know what the government is shooting for, we know what the market strength is. We know that we can ask for 2,500 to 3,000 dirhams per square foot for our projects and we can still get it. We do not look at it this way. Our social responsibility is to come to deliver what our objective profit is with what the market needs with the right price; I’m not saying the lowest price, I’m saying the right price, and at the same time to make it easier for the end-user and the banks and all the shareholders to benefit from it. Our social responsibility is to assure that everyone is getting benefit out of it. An example is if I were to go and ask for 3,000 or 4,000 dirhams, which is not what the level of the market is at currently, I would still be able to get it. But if I ask for it, maybe the finance institution will not finance such units for the end-users, so the end-users will be hassled by whether they should buy it or not. This means that at the end they will have to look for a different supply. We try to meet the market needs; when we say market needs, it is not only the company’s needs, we are talking about the entire market, and we are not trying to take advantage of it. We are trying to be an advantage for it. This comes from the vision of our owner, Mr. Mohamed Al-Nahdi; he wants to benefit and he wants others to benefit. Our social responsibility comes in mainly trying to ease everything for the end-users, combine it with the government’s regulations, trying to make sure everything comes in at the right place and the right time, and meeting the government’s regulations before the regulations come out. This will mean we can deliver what we promise, and this is considered a social responsibility, otherwise if you cannot deliver what you promise you cannot dig a niche for yourself in this community.

How do you see the corporate social responsibility in Rasyat developing over time, within five or ten years?

Our chairman is actually trying to look for and get involved in a number of different projects with the government, or with sub-government or city government corporations, to try and find out how we can put our hand with the government as Al-Nahdi Group or as Rasyat Real Estate, to see what we can deliver for the community. We do look for a lot of projects that have more government responsibility or government sector to try and be partners with them. We are hoping, at some point, to take this new subsidiary to become one of the large developers in the country, and also maybe go to being a public company if possible. To achieve this we basically have to be hand-in-hand with the government, with the community, with the society.

So you’re actively seeking your role in the development of Abu Dhabi?

Absolutely, yes.

Well, one of the goals is to expand to other cities, like Dubai, or to go international. How do you assess your future expansion plans?

Currently we are actually in the process of negotiating some areas in Dubai, so Dubai is one of our plans. Ajman is one of our plans. The whole market of the UAE in general is attractive. At the same time, Saudi Arabia is starting to become one of the attractive markets. We are trying to put our hands in Saudi Arabia. There, for example, our Al-Nahdi group is in the Al-Khobar area, which is the Eastern area, and they want to get to the Middle and Northern areas. Basically, whenever there is opportunity, whether here or Africa or the rest of the Middle East, we try to get our hands on it or get involved in it. We are ready to do such things; we might even be able to look for something in Europe. So we are open for all investment opportunities. We like to be the investment arm for the Al-Nahdi group and at the same time the marketing arm. We are trying, as Rasyat to become a multi-divisions company, not focusing on one area, but focusing on different areas. And yes, the plan is to go to the GCC and the Middle East and hopefully beyond.

To finalize the interview, what is the final message for our audience in connection to your vision?

For us, as Rasyat, of course our vision comes from our chairman. He is a visionary guy; he knows exactly where he wants to head and where he is going. Our vision is to become one of the most respectful, reputable developers for local and international investors, that people can trust and people can deal with and feel comfortable investing with. That’s one. Our mission is going towards that by applying all the visions, points and factors to be achieved in such a way. Our strategy follows the same thing. Basically, in a way we are looking for everybody to come and invest in the UAE. It’s a very attractive market to be in. Return on investment is high, unbelievably so, you won’t believe the figures, but basically people are making more and more money and it’s becoming very attractive with the stable political and economic situation for people to come and invest in the country. We would love to help local and international markets to come and put their hands with us to help us and them to make money