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.
- Aldar presses ahead with its Al Ain projects
- Abu Dhabi: Aldar, NPC ink contracts worth $119m
- Sohar Industrial's $51m Phase 7 works 30% complete
- Construction on track at Aldar's major projects
- Kalmar to supply tractors to Khalifa Port Terminal
- Levitating pods to revolutionise UAE transport
- Two-for-one offer on CW digital subscriptions
- Dubai Industrial Strategy to add $45bn to economy
- KBW brings Ascorel technologies to the region
- Aldar generates $272m in sales for Yas Acres