Dubai sets up planning commission to address property slump

Dubai sets up planning commission to address property slump
04/09/2019 , by , in INTERNATIONAL

Dubai set up a real estate planning commission on Monday to regulate projects and avoid competition between semi-government and private firms, its ruler Sheikh Mohammed bin Rashid al-Maktoum announced on his website and Twitter account.

Dubai has traditionally encouraged open, competitive business but heavy oversupply in the property market, an important sector of the economy, has seen residential prices slide by at least a quarter since mid-2014.

Sheikh Mohammed has put his son and Deputy Ruler Sheikh Maktoum bin Mohammed in charge of the new body, which will also take steps to stop similar sorts of projects being developed.

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