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Dubai’s ruler has announced the creation of a new panel to achieve balance between demand and supply in the emirate’s real estate sector.
In an announcement on Twitter, Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, said the body will ensure that semi-government real estate companies do not compete with private developers and that the projects add value to the economy.
The committee will be headed by Sheikh Mohammed’s son and deputy, Maktoum bin Mohammed, and include representatives of top property developers in Dubai.
Sheikh Mohammed added that the panel will develop a comprehensive strategic plan and vision for all major real estate projects in the emirate for the next 10 years and aim to avoid a duplication of projects.
The announcement comes after Sheikh Mohammed published an open letter a few days ago elaborating on six main guidelines for governments employees and UAE officials covering government work, social media and Emiratisation.
“Real estate projects need to be paced right to bring added value to the national economy so as not to become a burden and a source of imbalance in our economic process,” he said.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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