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FINANCIAL NEWS
DREC will not sell any assets
27 Jun 2011
(MENAFN) Dubai’s Real Estate Corporation’s (DREC) vice president and CEO, Hesham Abdullah Al Qasim, said that although law amendments allow selling government properties, the government of Dubai would not sell any of its assets or go to the stock market, reported Gulf News.
Al Qasim added that DREC was focusing on rental business and not on selling, moreover, the company completed its projects on time which made it a business model in the country.
He also said that the new law amendment gave the company the right to execute real estate marketing and management activities for commercial properties, in addition to developing, buying, selling, leasing and managing real estate registered under its name, as well as managing government properties.
It is worth noting that His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, amended the law setting up the DREC by which the corporation will report directly to the ruler after it used to report to the Investment Corporation of Dubai.
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