Damac's Niall McLouglin praises new Dubai real estate committee
Listed developer's SVP says Higher Committee for Real Estate Planning will support effective urban planning in the emirate
Dubai Financial Market-listed (DFM) real estate firm Damac Properties’ senior vice president, Niall McLoughlin, said the formation of Higher Committee for Real Estate Planning by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, would “have a positive impact on the real estate sector and enable effective urban planning”.
In a statement, McLoughlin said: “As the [real estate] industry continues its road to recovery, key initiatives will undoubtedly help in accelerating the upturn.”
He added that the introduction of government initiatives such as the formation of the committee — which will be chaired by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai — would help achieve “balance and efficiency, enabling the Dubai’s progress towards its long-term goals”.
The Dubai Ruler said on 2 September, 2019 that the committee would ensure “semi-government real estate companies in Dubai [do not] compete with private-sector investors”.
Organisations including General Secretariat of Dubai Executive Council, and Dubai Land Department, alongside semi-government companies, such as 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.