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.
- Terex boss welcomes end to Zoomlion takeover talks
- ADP highlights opportunities for Chinese market
- Cluttons appoints Murray Strang as its Dubai head
- Qatar to release construction code update in 2018
- Saudi: Riyadh Metro feeder mass buses unveiled
- Egypt's Arab Contractors to build $439m projects
- Abu Dhabi: Aldar posts 15% rise in Q1 2016 profits
- Saudi-Canadian PPP to build $133m hospital
- First phase of $1.6bn Yas Acres to be done by 2019
- India's L&T awarded 400kV Oman Electricity deal