Members of the committee will include companies such as Emaar Properties, Nakheel as well as Dubai Properties Group and Meraas Holding.
Tuesday 03, September 2019 BY KUDAKWASHE MUZORIWA
Dubai has set up the Supreme Committee for Real Estate Planning to balance supply and demand, avoid launching similar real estate projects and ensure projects add real value to the national economy, according to local newswire, Dubai Media Office.
The real estate sector remains one of the largest and most important sectors driving the economy in Dubai and the committee seeks to establish the attractiveness of the sector and enhance its competitiveness for the benefit of all other sectors.
The emirate’s ruler Sheikh Mohammed Bin Rashid Al Maktoum said in a tweet he wanted the committee to ensure that "semi-government real estate companies in Dubai will not compete with private-sector investors."
Additionally, the committee will also work to consider the needs of the real estate market in a comprehensive manner to avoid competition among big developers to small private investors.
HH Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, said, “
Property prices in the UAE, the second-biggest Arab economy, have dropped about 27 per cent since October 2014 amid excess supply and sluggish economic growth, while Emaar Properties, the biggest developer in Dubai, last month posted a four per cent decline in first-half revenue.