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24 May 2024

Capital studies realty laws

By Abdel Hai Mohamed
Abu Dhabi Department of Municipal Affairs has referred five new draft laws to regulate the real estate to the emirate's Executive Council, ahead of issuing related laws this year.

Property Management Consultant Seema Ahmed Al Langawi told Emirates Business yesterday the draft laws are related to real estate brokerage, real estate bank guarantee, initial real estate registration, real estate mortgage and regulating the work of real estate developers.

Al Langawi was speaking on the sidelines of a symposium organised by the department on "Real Estate Financing in Period of Economic Turmoil".

She said discussions between the Department and the Executive Council members will take place soon to finalise laws.

Al Langawi said there will be a suggestion to set up a body in charge of regulating the Abu Dhabi's real estate market. "As of now, there is no final approval for the establishment of such body or authority," she said.

Al Langawi said the Department of Municipal Affairs is compiling a data base on the real estate sector of the emirate, which includes the supply and demand for the residential units .

The department is currently studying new regulations to alleviate the housing crisis and to facilitate finance for new real estate projects.

Also speaking at the symposium, Executive Director of the Department's Real Estate and Land Sector Abdullah Ghareeb Al Baloushi said the government strongly supports the Abu Dhabi's real estate sector.

Adia's new global head

The Abu Dhabi Investment Authority (Adia) said yesterday it has appointed a senior United States property expert to take over its global real estate portfolio.

Bill Schwab, a former expert at JPMorgan, Goldman Sachs and Deutsche Bank, was appointed as Global Head of Real Estate at Adia's headquarters in Abu Dhabi, the company said in a statement on its website. "Schwab will be responsible for leading a team of professionals," it said.