DUBAI, Nov 25 : The priority of Dubai’s Government’s newly formed economic advisory council is to manage supply in the real estate market to ensure equilibrium, Mohamed Alabbar, head of the high-level body, said on Monday.
Pointing out that real action was the need of the hour, Alabbar said The Advisory Council was acting in full cooperation with the three largest Dubai-based real estate developers as well as private developers.
“Among the council’s first activities has been to actively manage the current and future supply of new real estate projects to ensure equilibrium in the sector.”
The three master developers — Emaar, Nakheel and Dubai Properties — account for approximately 70 per cent of supply, he said.
“The real estate sector is currently witnessing a healthy correction as a result of global financial conditions. By monitoring supply and sales, the council is managing this key sector and ensure that new supply is properly managed and that current and future demand is adequately met,” Alabbar said.
In his keynote address at the DIFC (Dubai International Financial Centre) Forum in Dubai, which was part of the ongoing DIFC Week, Alabbar said the Council could soon be addressing the current global challenges and their impact on a range of areas, also including Government finances, banking and equity markets.
“The formation of the Advisory Council is an extremely significant initiative undertaken by the Government of Dubai, under the guidance of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to ensure the long-term growth and stability of a range of economic sectors in the emirate. The council’ will review with leaders in each area, and formulate recommendations based on its findings, which will then be submitted to the Government for action. We will act in a timely manner, and we will be transparent in those actions,” he said.
Members of the nine-member Council include Mohammed Abdullah Al Gergawi, UAE Minister of Cabinet Affairs and Chairman of Dubai Holding; Mohammed Al Shaibani, Director-General of His Highness the Ruler’s Court and Chief Executive of the Investment Corporation of Dubai; Sultan bin Sulayem, Chairman of Dubai World; Dr Omar bin Sulaiman, Governor of the Dubai International Financial Centre and Vice-Chairman of the UAE Central Bank; Nasser bin Hassan Al Shaikh, Director-General of the Dubai Department of Finance; Essa Kazim, Chairman of Borse Dubai and the Dubai Financial Market; Abdul Aziz Al Muhairi, Managing Director of the Investment Corporation of Dubai; and Marwan bin Ghalita, Chief Executive of the Real Estate Regulatory Authority.