Newly Set Up Firm to Manage Government Properties
A law has been issued by H.H. Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the U.A.E., and Ruler of Dubai to set up a real estate body to manage all government properties in the emirate.
According to the newly released law, the Dubai Real Estate Corporation will be a general body wholly owned by the government, and shall be an affiliate of the Dubai Executive Council. The body will own and manage all properties owned by the Dubai Government. It shall carry out all real estate-related activities, including construction, investment and the use of the land, commercial and industrial properties within Dubai. The new body will also provide leasing, marketing and management of buildings, commercial properties and any other services that help it achieve its objectives. It has the right to conclude partnerships and agreements with establishments, bodies, organizations and individuals.
A resolution forming the body’s board of directors were also issued by H.H. Shaikh Mohammad. The board shall be responsible for the company’s management and general supervision. It assumes the responsibility of supervising the firm’s administrative, technical, financial affairs and taking any appropriate decisions or procedures to achieve its goals. The board shall also set the company’s general policy, programmes and approve its draft budget before submitting it to the Dubai Executive Council for approval.