(MENAFN) Mohammed Alabbar, Chairman of real estate development company Emaar commented on the launch of the noon.com platform in the UAE and the ability of local companies to compete with foreign companies saying, 'Any competition is beneficial to the country's people.
Competitive companies cut their prices as soon as we enter the market'.
During a panel discussion at the Future Investment Initiative in Riyadh, he said "Competitors were foreign companies control prices as a single player in the market, which we do not accept".
Alabbar considered that good competition is necessary and feeds into the interest of consumers, 'We love competition' he concluded.
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