news newly set up firm to manage government properties

 

 
 
 
 
 
 
 



News Releases
 
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.

 


 
 


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