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FINANCIAL NEWS
Abu Dhabi sets up new housing authority
20 Dec 2012
(MENAFN) Abu Dhabi government has created a new body to develop mass housing as part of its social welfare initiatives, Reuters reported.
The move to set up the new authority could also spur restructuring of the emirate’s real estate sector.
The Abu Dhabi Housing Authority was established by United Arab Emirates President and Abu Dhabi ruler Sheikh Khalifa bin Zayed al-Nahayan, state news agency WAM reported.
The news agency said that the body will develop housing programmes, set regulations for housing and create a database of applicants for loans, plots of land and low-cost houses, making review of applications easier.
The authority will be headed by Sheikh Hazza bin Zayed al-Nahayan, national security advisor and brother of the ruler.
The authority will report to the Abu Dhabi Executive Council but have financial and administrative independence, WAM said.
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