Cost and fragmentation are barriers to innovation in property industry, says Damac founder – The National

Cost and fragmentation are barriers to innovation in property industry, says Damac founder – The National

Cost and fragmentation are barriers to innovation in property industry, says Damac founder. Hussain Sajwani says technology is easier to incorporate in London where it can command Dh7,600 per sq ft. Mr Sajwani, whose property company announced its first loss in almost a decade on Tuesday, said there are "very few large property companies globally" in a panel debate on disruption in real estate at the Milken Institute's Middle East and Africa summit in Abu Dhabi on Tuesday.. So the volume is not there for them to invest heavily in technology," he said.. Although many sectors have been disrupted by technology, with the physical retail sector particularly hard hit, the risk is not the same for property.. "You still have a hard asset, and location and right quality of buildings really protect the buyer and protect the developer if he does a good job," he said.. "My group was the stalking horse that had spent millions for dollars and actually signed a contract to buy Cavalli when he heard about it four days before and came riding in and outbid us," Mr Sitt said.. "It was Friday, he said 'we close on Wednesday'.. I sent my CFO, and