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29 March 2024

Arra chief Al Barguthi steps down

Published
By Parag Deulgaonkar

Ajman Real Estate Regulatory Agency (Arra) Director-General Omar Al Barguthi has resigned from his post, Emirates 24l7 can reveal.

When contacted, he confirmed the news of his resignation, saying, “I have been moved to head a new government entity. A decree for my new position will be issued soon.”

According to informed sources, Yasea Al Faraj is most likely to replace Al Barguthi. 

In December 2008, His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, issued a decree to establish Arra that is mandated to regulate activities in the emirate's real estate sector.

Before the establishment of Arra, the real estate sector in the emirate was not regulated, resulting in a number of developers hoodwinking investors.

Since Arra's creation, Ajman has made it mandatory for developers to register their projects with the agency, open escrow accounts, introduce construction-linked payment plans. It has also announced initiatives to help investors in stalled projects to swap properties in near completed or completed projects.