Aldar becomes first licensed Master Developerby Ashleigh McGinley on Mar 15, 2016
Aldar Properties has received a Master Developer licence from the Abu Dhabi Department of Municipal Affairs.
The licence was received under the provisions of the new Real Estate Law which came into effect 1 January, 2016.
Talal Al Dhiyebi, chief development officer at Aldar Properties, said: "We are very excited about the introduction of real estate law in Abu Dhabi.
"We believe it will bring a high degree of predictability and transparceny to the market and thereby increase the attractiveness of the market to existing and a new generation of customers.
"We are proud to be the first developer licensed by the Department of Municipal Affairs under the new regulations, as it reflects our commitment to the new law and the real estate market in Abu Dhabi as a whole."
The new law provides enhanced protections for customers of off-plan developments and enshrines the rights of owners and residents in existing communities.
- Construction work on Suez Canal to begin in 2017
- Dubai's residential rents to remain stable in 2017
- UAE firm to set up $1.6bn steel plant in Algeria
- AkzoNobel launches new range of paints, primers
- Waseela begins trial of indoor navigation system
- CPS signs an agreement with Pipes Technology Co.
- DEWA launches competition to design solar cars
- Construction, building firms grow by 14% in Jafza
- ADFD to finance $40m Moroccan rail project
- In Numbers: Aldar Properties' Q3 financials