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Sheikh Mohammed forms team for Dubai real estate market balance

Organisations in the newly formed committee include Emaar, Nakheel, Meraas, Wasl, Nshama, Meydan, and Dubai South

HH Sheikh Mohammed bin Rashid Al Maktoum.
Dubai Media Office
HH Sheikh Mohammed bin Rashid Al Maktoum.

HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has approved the formation of Higher Committee for Real Estate Planning – chaired by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai – which the Ruler said would ensure that “semi-government real estate companies in Dubai [do not] compete with private-sector investors”.

Organisations as General Secretariat of Dubai Executive Council, and Dubai Land Department, alongside semi-government companies Investment Corporation of Dubai, Emaar, Nakheel, Dubai Properties, Wasl Properties, Meraas, Nshama, Meydan, Dubai Silicon Oasis Authority, Dubai South, and Dubai Multi Commodities Centre are part of the committee.

The committee will assess real estate market conditions, study market needs, evaluate future real estate projects, and develop an integrated plan for the local property sector to achieve a balance between the sector’s supply and demand.

In an Arabic-language report, Dubai Media Office announced that the committee’s efforts would seek to increase the real estate sector’s competitiveness and drive economic growth in Dubai.

Its report added: “The committee also aims to study the needs of the real estate market in a comprehensive manner, to ensure that real estate projects are not duplicated, and to avoid competition from big developers to small, private investors.”

Additionally, according to the Arabic-language report, the committee will work to ensure “the uniqueness and excellence of new megaprojects” to ensure positive macroeconomic returns.

The chairman of the committee will have the right to add or cancel members as required.

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Construction Week - Issue 751
Oct 13, 2019