Dubai sets up new real-estate firm

27 Jun 2011

(MENAFN) Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, stated that the government launched Dubai Real Estate Corporation which would be responsible of owning and managing all property registered in the name of the government, reported Arab News.

Al Maktoum also said that the new firm would be financially and administratively independent and would operate on a commercial basis. He pointed out that the corporation would develop, sell, lease and manage properties.

It is worth noting that the property sector in Dubai has been going through hard times in recent years as many projects were either canceled or put on hold which caused property prices to slump around 60 percent. Dubai’s Real Estate Regulatory Authority (RERA) stated that it canceled nearly 217 registered projects in the past couple of years.

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